USD/CAD Engulfs Prior 4 Days; Still Contained by Channel

| 14 november, 2013 | 0 kommentarer

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Engulfs Prior 4 Days; Still Contained by Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

USDCAD has pulled back from the line that crosses the July and August highs. The level is reinforced by upward sloping channel resistance.

-A break above the latter channel could trigger a significant move higher.

-An early month low is in place at 1.0397. Weakness below there would shift focus to channel support.

Trading Strategy: Weakness below 1.0450 would present an opportunity to get long against 1.0397 but this isn’t something I am entertaining. There are better opportunities.

LEVELS: 1.0397 1.0420 1.0450 | 1.0501 1.0515 1.0547

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Kategori: Analys från DailyFX

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