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USD/CAD 1.0920/50 is Possible Support ahead of BoC

USD/CAD 1.0920/50 is Possible Support ahead of BoC

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_Picture_5.png, USD/CAD 1.0920/50 is Possible Support ahead of BoC

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“After a month of trading between roughly 1.0700 and 1.0560, USDCAD has broken out. Measured objectives from the breakout above the 2011 high range from 1.1680 to 1.1910. The Jul 2009 high rests in this zone at 1.1724 and the 2007 high is near the top of the zone at 1.1875.”

-From an Elliott perspective, it’s possible that the rally from the 2012 low composes a ‘3rd of a 3rd (or C)’ wave from the 2007 low. Such market swings tend to exhibit extreme rates of change (so please refrain from terms such as ‘overbought’ or ‘divergence’).

-Near term support is estimated at 1.0920/50. Failure to hold above 1.0905 would suggest a deeper drop is in the works.

LEVELS: 1.0875 1.0918 1.0950 | 1.1007 1.1075 1.1157

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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

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