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USD/CAD at Median Line; Could See Near Term Behavior Change

USD/CAD at Median Line; Could See Near Term Behavior Change

2015-09-01 18:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD at Median Line; Could See Near Term Behavior Change

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. Uptrend resistance is near 1.3400. Weakness below the median line is needed to start looking lower.

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

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