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USD/CAD at its Most Important Juncture Since March

USD/CAD at its Most Important Juncture Since March

2014-05-29 20:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD at its Most Important Juncture Since March

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.”

-The rate is trading at a major confluence of trendlines. The close this week is important. A new low (below 1.0810) on Friday (on news) and recovery back above 1.0810 would be the perfect way to make an important low heading into a new month.

LEVELS: 1.0740 1.0790 1.0829 | 1.0870 1.0913 1.0954

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

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