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USD/CAD Still Supported on Dips

USD/CAD Still Supported on Dips

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD Still Supported on Dips

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD traded into 1.0355 last week. That level is significant because it is the 9/13 high, which was a Friday before a gap lower. As long as price is below that level, I’ wary of the long side.

-The advance from the 9/19 low began impulsively, but momentum slowed considerably from the 9/24 low. A test of that level could complete a flat pattern.

Trading Strategy: Flat

LEVELS: 1.0181 1.0232 1.0264 | 1.0336 1.0355 1.0409

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