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USD/CAD at Channel; Beware a Breakout Attempt

USD/CAD at Channel; Beware a Breakout Attempt

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD at Channel; Beware a Breakout Attempt

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDCAD continues to press against the line that crosses the July and August highs. The level is reinforced by upward sloping channel resistance.

-A break above the latter channel could trigger a significant move higher.

-An early month low is in place at 1.0397.

Trading Strategy: Flat

LEVELS: 1.0397 1.0420 1.0460 | 1.0515 1.0547 1.0570

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

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