USD/CAD Playing Ping Pong with Channel

DailyFX

Daily Bars

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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Playing Ping Pong with Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: I wrote last week that “equal legs are consistent with corrections so the USDCAD could turn higher from here. Exceeding 1.0180 would be a good sign for bulls. Bigger picture, a bearish triangle from the 2011 low remains very much possible. Weekly RSI has failed before 70 (right where it did at the 2011 and 2012 highs) as well. Another run at 1.0342 is possible, even in the context of a larger bearish triangle.” The USDCAD spiked into channel resistance Friday and backed off today. A break of Friday’s large range will signal the next directional opportunity.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0127 1.0235 1.0267 1.0342

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