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USD/CAD at Critical Level for Near Term Trend; Jobs Data Tomorrow

USD/CAD at Critical Level for Near Term Trend; Jobs Data Tomorrow

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD at Critical Level for Near Term Trend; Jobs Data Tomorrow

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.

-The rally has stalled at the confluence of the line that extends off of the June and July lows and short term channel resistance. The level is also the May high.

Trading Strategy: CAD jobs data is tomorrow morning. In the event of a negative reaction, watch for support from 1.0350. In the event of a positive reaction, our 1.0495 target (on half) might be hit. A bullish outlook remains favored above 1.0289.

LEVELS: 1.0274/89 1.0306 1.0355 | 1.0420 1.0496 1.0547

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

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