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USD/CAD Failure to Hold 1.0400 Would Shift Near Term Trend

USD/CAD Failure to Hold 1.0400 Would Shift Near Term Trend

2013-11-18 20:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_Picture_5.png, USD/CAD Failure to Hold 1.0400 Would Shift Near Term Trend

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD has pulled back from the line that crosses the July and August highs. The level is reinforced by upward sloping channel resistance.

-An early month low is in place at 1.0397. Weakness below there would shift focus to channel support closer to 1.0350.

Trading Strategy: Flat

LEVELS: 1.0330 1.0365 1.0397 | 1.0439 1.0464 1.0484

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

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