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USD/CAD Rally is 3rd Largest of Year; Oct High at 1.0418

USD/CAD Rally is 3rd Largest of Year; Oct High at 1.0418

2013-10-23 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Rally is 3rd Largest of Year; Oct High at 1.0418

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD has traded primarily between 1.0300 and 1.0400 this month. Wednesday’s rally brings the market back towards the upper end of that range. The level is also defined by the underside of former trendline support.

-Strength above 1.0418 would shift focus to 1.0470.

Trading Strategy: Flat for now but USDCAD has already made an outside week at long term trendline support (off of 2012 and May 2013 lows) to provide a reference point to work from next week.

LEVELS: 1.0285 1.0310 1.0360 | 1.0420 1.0445 1.0471

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

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