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USD/CAD Rebounds from Median Line

USD/CAD Rebounds from Median Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

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

-“USDCAD has broken through resistance, indicating potential for the long term bull move to reassert.”

-“The cited support was never reached but the bull trend has reasserted. Watch the March high for support at 1.2834.”

-“This level (1.2834) was never reached either as USDCAD made low on 7/29 at 1.2860. Allowing for consolidation between here and the median line, look higher.”

-USDCAD reached the median line on Wednesday and bounced. From an Elliott wave perspective, USDCAD is at risk for a 4th wave correction into 1.2800. Ultimately, the lower parallel on this structure may provide support.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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

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