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USD/CAD Follows Through on Breakout; 1.0730/60 is Possible Support

USD/CAD Follows Through on Breakout; 1.0730/60 is Possible Support

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_usdcad_body_Picture_5.png, USD/CAD Follows Through on Breakout; 1.0730/60 is Possible Support

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 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 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.

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