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USD/CAD Base Building for a Move Higher?

USD/CAD Base Building for a Move Higher?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Base Building for a Move Higher?

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.

-This latest advance failed shy of the month open (1.0854), and leaves near term conditions sideways to down but keep eyes on the channel just below.

LEVELS: 1.0790 1.0829 1.0860 | 1.0954 1.1001 1.1052

--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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