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USD/CAD Upward Sloping Resistance Line is ‘In the Way’

USD/CAD Upward Sloping Resistance Line is ‘In the Way’

2014-11-11 16:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Upward Sloping Resistance Line is ‘In the Way’

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).” Risk on longs can be moved to 1.1120 but below 1.1250 would be a cause for concern.

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

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