USD/CAD Takes a Dive into Channel Support


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

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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

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