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USD/CAD Tests 2011 High; Monitor Trendline For Pullback Entry

USD/CAD Tests 2011 High; Monitor Trendline For Pullback Entry

2013-12-02 21:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usdcad_body_Picture_5.png, USD/CAD Tests 2011 High; Monitor Trendline For Pullback Entry

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD has broken above the Jul high of 1.0608 and nearly reached the 2011 high of 1.0657.

-The line that extends off of the 10/22 and 11/18 lows may come into play as support. Recently broken highs of 1.0608 and 1.0567 are also possible supports.

Trading Strategy: Order to go long at 1.0590, stop 1.0550. The first target is 1.1030 (measured move).

LEVELS: 1.0525 1.0558 1.0602 | 1.0657 1.0709 1.0853

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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

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