U.S. Markets closed

USD/CAD Near Target is 1.0290

Jamie Saettele, CMT

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Near Target is 1.0290

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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

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.