USD/CAD Major Breakout on the Horizon?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-USDCAD has broken above the August high of 1.0567. The July high is at 1.0608 and the 2011 high is at 1.0657.
-The line that extends off of the 10/22 and 11/18 lows may come into play as support. That line is near 1.0500 early next week (early Dec).
Trading Strategy: Will either be playing a breakout at higher levels, or monitoring for support on a pullback into the mentioned trendline.
LEVELS: 1.0484 1.0525 1.0560 | 1.0608 1.0657 1.0709
--- 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.