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USD/CAD Rally Failing to Pick Up Steam; Beware

USD/CAD Rally Failing to Pick Up Steam; Beware

2013-10-02 23:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Rally Failing to Pick Up Steam; Beware

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD made a key reversal on a larger than average range on 9/19. 9/20 follow through confirms the tradeable low.

-More important, the reversal occurs at a huge support level defined by the line that extends off of the September 2012 and January 2013 lows as well as the 100% extension of the decline from the July high (2 equal legs) AND corrective channel support.

-The reversal occurred on heavy volume (20 day high in CME volume).

Trading Strategy: Despite all of the above, the rate has barely budged in recent days. Was long but moving to flat…for now.

LEVELS: 1.0232 1.0264 1.0300 | 1.0355 1.0409 1.0470

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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