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USD/CAD Nears Support from 1.0880

USD/CAD Nears Support from 1.0880

2014-06-10 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Nears Support from 1.0880

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 has responded to a major confluence of trendlines. The next bull leg in USDCAD may be underway. Watch for support near 1.0880 or even 1.0840.

LEVELS: 1.0829 1.0850 1.0880 | 1.0924 1.0960 1.1000

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

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