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USD/CAD Trendline in Focus after Friday’s Drop

USD/CAD Trendline in Focus after Friday’s Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usdcad_body_Picture_5.png, USD/CAD Trendline in Focus after Friday’s Drop

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’).

-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: Long, stop 1.0550, targets 1.10 and 1.17

LEVELS: 1.0517 1.0547 1.0576 | 1.0620 1.0653 1.0681

--- 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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