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USD/CAD Could Bounce into 1.1150-1.1200

USD/CAD Could Bounce into 1.1150-1.1200

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_usd-cad_body_Picture_5.png, USD/CAD Could Bounce into 1.1150-1.1200

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 1.0985 this week and could be strong support. Estimated resistance is from 1.1150-1.1220.

LEVELS: 1.0909 1.0941 1.0985 | 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.