U.S. Markets closed

USD/CAD Playing Ping Pong with Channel

Jamie Saettele, CMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Playing Ping Pong with Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: I wrote last week that “equal legs are consistent with corrections so the USDCAD could turn higher from here. Exceeding 1.0180 would be a good sign for bulls. Bigger picture, a bearish triangle from the 2011 low remains very much possible. Weekly RSI has failed before 70 (right where it did at the 2011 and 2012 highs) as well. Another run at 1.0342 is possible, even in the context of a larger bearish triangle.” The USDCAD spiked into channel resistance Friday and backed off today. A break of Friday’s large range will signal the next directional opportunity.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0127 1.0235 1.0267 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.