USD/CAD Breakout; FIRST Target is above 1.1000
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.