USD/CAD Trades into Early Year Breakout Level
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The month open at 1.0840 continues to be tested. The rate needs to stay above this level (daily close) in order to maintain a constructive stance. If lower levels are seen then the 200 DMA comes into play.” After 1.0840 gave out, USDCAD took a swan dive. The 200 DMA didn’t do anything and the rate is back to its breakout level from early in the year (December high). The 2011 high at 1.0657 and current year open at 1.0640 are a possible support zone.
LEVELS: 1.0640 1.0666 1.0719 | 1.0753 1.0775 1.0813
--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.