USD/CAD Holds 1.0400; Near Term Levels are 1.0475 and 1.0425
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-USDCAD formed an outside week 2 weeks ago. In fact, that 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 rally from the Sep low forms a channel as does the decline from the July high (bold). A break above the latter channel could trigger a significant move higher.
Trading Strategy: Flat
LEVELS: 1.0365 1.0402 1.0420 | 1.0477 1.0496 1.0547
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