USD/CAD Trendline is at 1.0550 on Thursday
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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. That line is at 1.0550 on Thursday. A former high at 1.0567 is possible support as well.
Trading Strategy: A substantial breakout may be underway. The support zone is narrowed to 1.0550/67. I am looking for a low.
LEVELS: 1.0520 1.0565 1.0589 | 1.0632 1.0680 1.0707
--- 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.