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USD/CAD Takes a Breather as Market Waits for GDP

USD/CAD Takes a Breather as Market Waits for GDP

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_Picture_5.png, USD/CAD Takes a Breather as Market Waits for GDP

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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.

-Near term momentum has slowed so a pullback could materialize. 1.1030 is estimated support.

LEVELS: 1.1049 1.1077 1.1138 | 1.1200 1.1234 1.1315

--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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