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USD/CAD Breaks Channel Support

USD/CAD Breaks Channel Support

2013-10-16 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Breaks Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD rally reversed 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 USDCAD broke the channel that defines action from the Sep low.

Trading Strategy: Close beneath the channel negates the bullish bias.

LEVELS: 1.0264 1.0289 1.0306 | 1.0360 1.0396 1.0420

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

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