USD/CAD May be a Bit Frothy Up Here; Beware a Pullback from Channel
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 long term trendline support.
-The current rally has reached channel resistance (upward) along with the key reversal close from 8/23 (1.0495).
Trading Strategy: Wanted 1.0420 order triggered before the run above 1.0470. Sitting tight for now.
LEVELS: 1.0390 1.0418 1.0440 | 1.0495 1.0547 1.0608
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.