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USD/CAD July High and 11/29 Close May Provide Support Near 1.0600

USD/CAD July High and 11/29 Close May Provide Support Near 1.0600

2013-12-03 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_usdcad_body_Picture_5.png, USD/CAD July High and 11/29 Close May Provide Support Near 1.0600

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD traded above the 2011 high of 1.0657 today before backing off slightly.

-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: A substantial breakout may be underway. 1.0567-1.0608 is support. I am looking for a low in that zone.

LEVELS: 1.0525 1.0558 1.0608 | 1.0670 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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