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USD/CAD Tradeable Low is in Place at 1.0560

Jamie Saettele, CMT


eliottWaves_usdcad_body_Picture_5.png, USD/CAD Tradeable Low is in Place at 1.0560

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDCAD traded above 1.0700 last week for the first time this week since May 2010 (after the ‘flash crash’).

-Price found low before the line that extends off of the 10/22 and 11/18 lows but a few ticks below the 8/23 high of 1.0567 and engulfed the prior 2 days’ ranges. The response is promising.

Trading Strategy: A substantial breakout may be underway. Order to go long at 1.0620, stop 1.0555. Measured targets are 1.1035 and 1.1680.

LEVELS: 1.0560 1.0595 1.0620 | 1.0680 1.0707 1.0853

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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