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USD/CAD Breakout; FIRST Target is above 1.1000

USD/CAD Breakout; FIRST Target is above 1.1000

2014-01-07 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_usdcad_body_Picture_5.png, USD/CAD Breakout; FIRST Target is above 1.1000

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDCAD has broken out. The breakout is valid as long as price is above today’s low of 1.0650). This market is one of my ‘top opportunities’ for 2014.

-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). We will watch channels as well.

-Just broken highs at 1.0730/40 are now possible supports.

Trading Bias: Stay long, stop moved up from 1.0550 to 1.0640, targets 1.10 and 1.17 and will likely be adding to the trade as market action dictates.

LEVELS: 1.0650 1.0680 1.0726 | 1.0854 1.1035 1.1157

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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