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USD/CAD Breakout a Game Changer but Good Place for a Pullback

USD/CAD Breakout a Game Changer but Good Place for a Pullback

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_usdcad_body_Picture_5.png, USD/CAD Breakout a Game Changer but Good Place for a Pullback

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.

-USDCAD traded above the 2010 high of 1.0853 today. The 2006 low comes in at 1.0930. 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.

-1.0760/90 is now 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.

LEVELS: 1.0726/36 1.0760 1.0798 | 1.0930 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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