USD/CAD Remains Constructive Towards at least mid-1.0200 Area

DailyFX

Daily Bars

View photo

.
eliottWaves_usd-cad_body_usdcad.png, USD/CAD Remains Constructive Towards at least mid-1.0200 Area

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The rally from 9932 is probably a 3rd or C wave. Levels of interest are 10223 (where the rally from 9633 would consist of 2 equal legs) and 10266 (61.8% of decline from 10657). Trend and channel lines intersect in late-February / early March near these levels, which are also defined by pivot highs from July. The 20 day average and a trendline that extends off of the January and February lows is of interest as support from roughly 9975-10000.

FOREXTrading Strategy: Risk on longs is moved up to 9995 (from 9930), target 10230/50.

LEVELS: 9999 10055 10086 10159 10200 10231

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)