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USD/CAD Still Capped by Month Open at 1.1050

USD/CAD Still Capped by Month Open at 1.1050

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Still Capped by Month Open at 1.1050

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD action since the January high may compose a flat. The low at 1.0857 is in line with major inflection points in recent years as well as the 1/13 low (1.0842).

-I’m looking higher but beware that 1.1050 is a reaction level. Support is estimated at 1.0976.

LEVELS: 1.0918 1.0941 1.0983 | 1.1050 1.1100 1.1159

--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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