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USD/CAD 1.1130 is a Possible Reaction Level

USD/CAD 1.1130 is a Possible Reaction Level

2014-02-20 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_Picture_5.png, USD/CAD 1.1130 is a Possible Reaction Level

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.

-The market has responded to support (to say the least). This type of action is consistent with formation of an important low. Resistance is estimated at 1.1130. Support is estimated at 1.1000/30.

LEVELS: 1.0957 1.0989 1.1030 | 1.1132 1.1159 1.1223

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

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