Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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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.” Focus remains on a multiyear trendline at about 1.0420 this week. The 2012 high is 1.0446. 1.0420/46 may be difficult to penetrate on the first try.
FOREXTrading Strategy: Flat
LEVELS: 1.0312 1.0345 1.0381 1.0420 1.0485 1.0577