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USD/CAD Retraces Prior Week’s Advance

USD/CAD Retraces Prior Week’s Advance

2015-02-03 20:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Retraces Prior Week’s Advance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDCAD has pushed through the 2007 high at 1.1875, 61.8% extension of the 2007-2009 rally from the 2011 low at 1.1882, and several upward sloping parallels. The next cluster of technical levels is between 1.25 and 1.2730.”

-USDCAD nearly traded 1.28 on January 30th (the rate put in a top last year on the 31st) and has since retraced everything since 1/23. Watch for resistance near 1.25 and stronger support starting near 1.2210.

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

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