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USD/CAD Strong Reaction at Trendline Resistance

USD/CAD Strong Reaction at Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Strong Reaction at Trendline Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD has reversed sharply from near the year open (1.0634) and just above long term trendline support and the July 2013 high (1.0608).

-“The thrust off of the lows is promising but expect a reaction near 1.0800/10. This level is defined by trendline resistance, the 200 DMA, and former lows. Support is now estimated at 1.0690/1.0710.”

LEVELS: 1.0670 1.0700 1.0735 | 1.0775 1.0800 1.0835

--Trading ideas 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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