USD/CAD Respects Parallel Channel Support

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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Respects Parallel Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCAD has traded between 1.0567 and 1.0471 for the last 10 days. Trend prior to the range was bullish.

-Since the July low, strength has unfolded in an impulsive manner (5 waves) and weakness in a corrective manner. Parallel channel support is holding.

-The measured move on a break above 1.0567 is 1.0664 (1.0567 – 1.0471 + 1.0567). The 2011 high is at 1.0657 and strength above there could also trigger a significant breakout.

Trading Strategy: Monitor for more significant breakout move above 1.0657.

LEVELS: 1.0370 1.0444 1.0471 | 1.0570 1.0608 1.0657

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