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USD/CAD Mired in Choppy 4th Wave Action

USD/CAD Mired in Choppy 4th Wave Action

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Mired in Choppy 4th Wave Action

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 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

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