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USD/CAD Follows Through on 1.0355 Breakout

USD/CAD Follows Through on 1.0355 Breakout

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD Follows Through on 1.0355 Breakout

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. Target half at 1.0495.” 1.0350/70 is now support.

LEVELS: 1.0330 1.0350 1.0370 | 1.0420 1.0496 1.0547

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