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USD/CAD Retraces Prior Day’s Drop

USD/CAD Retraces Prior Day’s Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_Picture_5.png, USD/CAD Retraces Prior Day’s Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD is below trendline support and one has to wonder whether or not the rate is going to come back to test the breakout level near 1.0650 although 1.0736/69 is a possible bottoming area.

-The dip under 1.0909 could also complete a flat correction from the January high.

LEVELS: 1.0800 1.0850 1.0880 | 1.0941 1.0978 1.1025

--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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