USD/CAD Follows Through on Breakout; 1.0730/60 is Possible Support
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 longer term channels as well.
-1.0730/60 is estimated support.
Trading Bias: Stay long, stop 1.0640, targets 1.10 and 1.17 and will be looking to add to the trade after a day or 2 of sideways trade. Heads up, USDNOK might be the next market to break out.
LEVELS: 1.0677 1.0726 1.0760 | 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.