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USD/CAD 1.2830s Does it Again?

USD/CAD 1.2830s Does it Again?

2016-07-07 20:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD 1.2830s Does it Again?

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The May low in USD/CAD is at (exactly) former channel resistance but the recent high is also at a well-defined level. Hmmm…strong support and strong resistance…sounds like conditions for a range period. Price action within a range is often indecipherable from an Elliott standpoint given the myriad pattern possibilities.” A head and shoulders top since the September 2015 high is possible. The right shoulder may be forming a triangle. HOWEVER, upside acceleration is also possible (consolidation could break either way), especially considering the response from 1.2830s. Moves off of this price have produced 2 trending moves in 2015.

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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