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USD/CAD Breaks above Trendline Resistance

USD/CAD Breaks above Trendline Resistance

2014-05-21 20:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Breaks above Trendline Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Channel supports in USDCAD extend from about 1.0780 to 1.0860 (the recent low) this week. 1.0793 also represents the 61.8% extension of the first leg of the drop from the March high.” With USDCAD turning up before the channel, I’m wondering if a low is in place.

-The 200 day average is closing in on the breakout level from January (12/20 high) at 1.0736 but near term structure (5 wave rally from 5/8 low and dip) suggests that an important low is in place.

LEVELS: 1.0829 1.0860 1.0905 | 1.0954 1.1001 1.1052

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

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