USD/CAD Tests 2011 High; Monitor Trendline For Pullback Entry
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.