USD/CAD Pulls Back Sharply into Former Resistance at 1.0200

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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

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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

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