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USD/CAD Takes out Important 1.0355 Level

USD/CAD Takes out Important 1.0355 Level

2013-10-08 23:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Takes out Important 1.0355 Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD has taken out 1.0355. That level is significant because it is the 9/13 high, which was a Friday before a gap lower. The level served as resistance on 10/2.

Trading Strategy: USDCAD appears to be ‘stair-stepping’. This action can lead to acceleration of the directional move, in this case higher. Returning to long side against 1.0285. Target half at 1.0495.

LEVELS: 1.0232 1.0285 1.0336 | 1.0420 1.0496 1.0547

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