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USD/CAD Responds to 1.1040 Level as Support

USD/CAD Responds to 1.1040 Level as Support

2014-03-13 00:41:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_Picture_5.png, USD/CAD Responds to 1.1040 Level as Support

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.

-A triangle appears to be underway from the January high. The sooner the market breaks, the better for bullish prospects. The market risks a return to ‘drift sideways conditions’ if a breakout doesn’t materialize in the next few weeks.

LEVELS: 1.0985 1.1005 1.1040 | 1.1090 1.1132 1.1193

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

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