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USD/CAD Breakout; Nothing in the Way Until 1.0850

USD/CAD Breakout; Nothing in the Way Until 1.0850

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usdcad_body_Picture_5.png, USD/CAD Breakout; Nothing in the Way Until 1.0850

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDCAD is back above 1.0700. There is no ‘chart resistance’ until the May 2010 high of 1.0853. Measured objectives are not until 1.1035 (Aug 2009 high is at 1.1124) and 1.1682 (Jul 2009 high is at 1.1724).

-The 12/13 high is possible support at 1.0670.

Trading Strategy: I panicked, tightened the stop to breakeven (1.0620) and was taken out intraday. Order to go long again at 1.0670, stop 1.0595.

LEVELS: 1.0572 1.0617 1.0668 | 1.0707 1.0853 1.1000

--- 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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