USD/CAD Pulls Back Sharply into Former Resistance at 1.0200



View photo

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Pulls Back Sharply into Former Resistance at 1.0200

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: “The USDCAD decline from the March high consists of 2 equal legs, which is characteristic of corrections. The suggestion is that the larger trend is up…as long as price is above 1.0012. Strength above the internal trendline that extends off of the March and early April high is promising.” The upward sloping inverse head and shoulders pattern played out last week with price reaching the 1.0290 target. The 5/15 high at 1.0218 served as support Monday so higher from here is possible but there are cleaner setups.

FOREXTrading Strategy: Flat

LEVELS: 1.0148 1.0184 1.0218 1.0274 1.0312 1.0342

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)