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USD/CAD February Low No Longer Safe after Trendline Break

USD/CAD February Low No Longer Safe after Trendline Break

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_Picture_5.png, USD/CAD February Low No Longer Safe after Trendline Break

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 break of the line that extends off of the January and February lows warns of a test of the February low before resumption of the long term bull move.

LEVELS: 1.0909 1.0941 1.0960 | 1.1024 1.1054 1.1100

--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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