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USD/CAD Dips into Support Before CPI; Huge Breakout Attempt

USD/CAD Dips into Support Before CPI; Huge Breakout Attempt

Jamie Saettele, CMT, Sr. Technical Strategist

Monthly

eliottWaves_usdcad_body_Picture_5.png, USD/CAD Dips into Support Before CPI; Huge Breakout Attempt

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD dipped into support from the 12/13 high. 1.0640 is also possible support.

-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).

Trading Strategy: Long (entry 1.0670), stop 1.0550, targets 1.10 and 1.17.

LEVELS: 1.0572 1.0617 1.0642 | 1.0715 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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