USD/CAD Could See 1.1000 Before Bigger Bounce
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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 | 1.1083 1.1132 1.1193
--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.