USD/CAD Takes a Dive into Channel Support

DailyFX

Daily Bars

View photo

.
eliottWaves_usd-cad_body_usdcad.png, USD/CAD Takes a Dive into Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDCAD has dropped into parallel channel support. The drop is sharp but a constructive bias is warranted as long as price is above the channel (and the 1.0082 low). Something that should worry bulls however is the extreme COT positioning.

FOREXTrading Strategy: Long, stop 1.0080, target 1.0400

LEVELS: 1.0001 1.0056 1.0103 1.0152 1.0213 1.0263

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)