USD/CAD Long Term Breakout Possibly at Work
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-USDCAD has closed above the line that extends off of the Jul and Aug highs (daily basis). The top side of that line is 1.0490 on Friday.
-The mentioned break could lead to an extraordinary acceleration higher in this rate. Such conditions would certainly catch most participants by surprise given this market’s tendency for false breaks and otherwise dull environment in recent years.
Trading Strategy: I want to see price close above 1.0490 on the week. The higher the better.
LEVELS: 1.0414 1.0445 1.0490 | 1.0547 1.0570 1.0608
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.