USD/CAD Higher Highs in Progress above 1.0470

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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Higher Highs in Progress above 1.0470

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The close 2 weeks ago confirmed a break above the trendline that extends off of the May 2010 and October 2011 highs. This is a longer term breakout and the measured objective is 1.1909 (1.0657-.9406 + 1.0657) although levels of interest before then are 1.0853/84 and 1.0225 (2 equal legs from the 2011 low and 50% of the decline from the 2009 high).” Momentum has waned since the breakout which is reason to question whether or not the breakout will fail. Still, higher highs are in place above 1.0470 and potential support from the line that extends off of the 6/27 and 7/4 lows is just below current price.

FOREXTrading Strategy: Order to buy 1.0440 was triggered on 6/27 and the stop is now 1.0470 (original stop was half at 1.0360 and half at 1.0170).

LEVELS: 1.0423 1.0468 1.0507 1.0570 1.0608 1.0657

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