eliottWaves_usdcad_body_Picture_5.png, USD/CAD Support Estimated from Former Highs

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 1.0700 last week for the first time this week since May 2010 (after the ‘flash crash’).

-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: 1.0520 1.0565 1.0608 | 1.0690 1.0853 1.0991

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