USD/CAD Tradeable Low is in Place at 1.0560
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’).
-Price found low before the line that extends off of the 10/22 and 11/18 lows but a few ticks below the 8/23 high of 1.0567 and engulfed the prior 2 days’ ranges. The response is promising.
Trading Strategy: A substantial breakout may be underway. Order to go long at 1.0620, stop 1.0555. Measured targets are 1.1035 and 1.1680.
LEVELS: 1.0560 1.0595 1.0620 | 1.0680 1.0707 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.