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USD/CAD Reverses off of Channel; Testing Former Resistance

USD/CAD Reverses off of Channel; Testing Former Resistance

2013-10-31 21:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Reverses off of Channel; Testing Former Resistance

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 reversed from channel resistance (upward slope) and the key reversal close from 8/23 (1.0495).

Trading Strategy: Could get a bounce off of 1.0420 for 1.0470 or so but 1.0500 appears quite formidable.

LEVELS: 1.0365 1.0390 1.0418 | 1.0460 1.0478 1.0496

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

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