Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader and see ideas on other USD crosses
–USDCAD has broken above the August high of 1.0567. The July high is at 1.0608 and the 2011 high is at 1.0657.
-The line that extends off of the 10/22 and 11/18 lows may come into play as support. That line is near 1.0500 early next week (early Dec).
Trading Strategy: Will either be playing a breakout at higher levels, or monitoring for support on a pullback into the mentioned trendline.
LEVELS: 1.0484 1.0525 1.0560 | 1.0608 1.0657 1.0709
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com