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USD/CAD Rebounds from Trendline Support; Risk is Tightened

USD/CAD Rebounds from Trendline Support; Risk is Tightened

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_usdcad.png, USD/CAD Rebounds from Trendline Support; Risk is Tightened

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD took out 1.0355 (from below). 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 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. The reaction has resulted in a drop to trendline support.

Trading Strategy: Risk on longs is tightened to 1.0330.

LEVELS: 1.0306 1.0330 1.0357 | 1.0396 1.0420 1.0496

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