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USD/CAD Sinks to Prior Week’s Low

USD/CAD Sinks to Prior Week’s Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_Picture_5.png, USD/CAD Sinks to Prior Week’s Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The USDCAD breakout failed and the market is back in the range. The key level that failed to hold, 1.1150, is now resistance and the rate has traded into possible support from the 10/18 low at 1.1025.

-Longer term trendline support intersects 1.0980 early next week and could be strong support.

LEVELS: 1.0909 1.0941 1.0975 | 1.1100 1.1150 1.1206

--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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