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USD/CAD ‘Mini Coil’ after Breakout

USD/CAD ‘Mini Coil’ after Breakout

Jamie Saettele, CMT, Sr. Technical Strategist


USD/CAD ‘Mini Coil’ after Breakout

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Since the break above short term trendline resistance (line off of July and late August highs), USD/CAD has traded in a tight range. The tight ‘coil’ could serve as the launch point for another run higher but be aware of a long term parallel that could induce failure near 1.3370.

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.