USD/CAD in Position to Take Out Both Sides on News
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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 is just below the market. Estimated resistance is from 1.1150-1.1220. A tight range has developed and we could see USDCAD take out both sides with event risk tomorrow.
LEVELS: 1.0941 1.0985 1.1007 | 1.1100 1.1150 1.1206
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