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USD/CAD Outside Week at Trendline Presents Opportunity Next Week

USD/CAD Outside Week at Trendline Presents Opportunity Next Week

2013-10-24 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Outside Week at Trendline Presents Opportunity Next Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD has formed an outside week. In fact, this week’s price range engulfs the prior 3 week’s price range. The market has responded well to trendline support.

Trading Strategy: Flat for now but a weekly close above 1.0420 and run at 1.0470 would present an opportunity to buy weakness into 1.0420 (breakout level) next week.

LEVELS: 1.0310 1.0337 1.0370 | 1.0470 1.0496 1.0547

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

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