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USD/CAD Takes out Early Month Low; 1.0260s is Possible Support Area

USD/CAD Takes out Early Month Low; 1.0260s is Possible Support Area

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Takes out Early Month Low; 1.0260s is Possible Support Area

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 on Wednesday and took out the 10/1 low today. Watch for support from the 9/19 close (large volume day and large range reversal) at 1.0263.

Trading Strategy: Flat

LEVELS: 1.0181 1.0222 1.0264 | 1.0330 1.0380 1.0396

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

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