USD/CAD Still a Near Term Bull

DailyFX

240 Minute Bars

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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Still a Near Term Bull

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.” An upward sloping inverse head and shoulders was confirmed with Wednesday’s trade. The target from that pattern is 1.0290.

FOREXTrading Strategy: Long, risk moved up to 1.0080, target 1.0290.

LEVELS: 1.0080 1.0115 1.0144 1.0229 1.0293 1.0342

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