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USD/CAD Dips from Channel Resistance

USD/CAD Dips from Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Dips from Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The manner in which USDCAD turned up from the June low (near long term trendline support) indicates resumption of the long term bull trend.

-“Near term trend is higher as long as price is above 1.0800 towards 1.1026/52 (Fibonacci and late April high) but recent action (key reversals and waning momentum) warn of a pullback from nearby. The pullback is underway so look for support from the 50%-61.8% retracements at 1.0764-1.0808.” The low was at 1.0810…last week’s low was registered at 1.0885 (near trendline support). Look higher as long as above 1.0885 towards the March high. 1.1245 is minor resistance.

--Trading ideas are availabletoJ.S. Trade Desk members.

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