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USD/CAD Jammed Between Trendline and a Former Pivot (1.1384)

USD/CAD Jammed Between Trendline and a Former Pivot (1.1384)

Jamie Saettele, CMT, Sr. Technical Strategist


USD/CAD Jammed Between Trendline and a Former Pivot (1.1384)

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).” USDCAD is at channel support now. If the trend is still higher, then the rate should hold channel support. Failure to do so would warn that behavior has changed.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.