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USD/CAD is Still Pressured by Trendline Confluence

USD/CAD is Still Pressured by Trendline Confluence

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD is Still Pressured by Trendline Confluence

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 1.0445 | 1.0477 1.0496 1.0547

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

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