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
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