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USD/CAD Trendline is at 1.0550 on Thursday

USD/CAD Trendline is at 1.0550 on Thursday

2013-12-11 23:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_usdcad_body_Picture_5.png, USD/CAD Trendline is at 1.0550 on Thursday

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. 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.

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