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USD/CAD Capped by 20 Day Average; Fibonacci at 1.0932

USD/CAD Capped by 20 Day Average; Fibonacci at 1.0932

2014-05-05 18:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Capped by 20 Day Average; Fibonacci at 1.0932

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).

-USDCAD has sold off sharply after testing the month open at 1.1050. Possible supports come in at 1.0932 (Fibonacci) and 1.0909 (former low).

LEVELS: 1.0857 1.0880 1.0932 | 1.0983 1.1013 1.1031

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

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