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USD/CAD Support Near 1.0260 and Resistance Near 1.0330

USD/CAD Support Near 1.0260 and Resistance Near 1.0330

2013-10-22 23:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Support Near 1.0260 and Resistance Near 1.0330

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

-Weakness from the October high is impulsive. The suggestion is that strength proves corrective.

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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