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USD/CAD Responds to Channel Support

USD/CAD Responds to Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

USD/CAD Responds to Channel Support

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.

-Trade since the March high is forming a sequence of continuation patterns (of the head and shoulders variety). Look higher as long as above 1.1070. A breakout could reach 1.17-1.1875 (July 2009 high and 2007 high).

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

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