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USD/CAD in Position to Take Out Both Sides on News

USD/CAD in Position to Take Out Both Sides on News

2014-04-03 19:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usd-cad_body_Picture_5.png, USD/CAD in Position to Take Out Both Sides on News

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 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

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

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