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USD/CAD Needs to Hold 1.0559 to Stay with Breakout Trade

USD/CAD Needs to Hold 1.0559 to Stay with Breakout Trade

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usdcad_body_Picture_5.png, USD/CAD Needs to Hold 1.0559 to Stay with Breakout Trade

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD is threatening a ‘failed breakout’. Price has dropped below the line that extends off of the Oct and Nov lows. Failure to remain above 1.0559 would risk a drop below 1.0500 and into the former resistance line (extends off of the Jul and Aug highs).

-There is no ‘chart resistance’ until the May 2010 high of 1.0853. Measured objectives are 1.1035 (Aug 2009 high is at 1.1124) and 1.1682 (Jul 2009 high is at 1.1724).

Trading Strategy: Long, stop 1.0550, targets 1.10 and 1.17.

LEVELS: 1.0484 1.0525 1.0559 | 1.0663 1.0700 1.0736

--- 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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