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USD/CAD Dip into Former 1.0420 Would Present Long Opportunity

USD/CAD Dip into Former 1.0420 Would Present Long Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Dip into Former 1.0420 Would Present Long Opportunity

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD formed an outside week last week. In fact, last week’s price range engulfs the prior 3 week’s price range and takes out the prior 6 week’s highs. The market has responded well to trendline support.

Trading Strategy: Order to go long at 1.0420 with a 1.0360 stop. Target half at 1.0545.

LEVELS: 1.0365 1.0395 1.0420 | 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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