Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–USDCAD has traded between 1.0567 and 1.0471 for the last 10 days. Trend prior to the range was bullish.
-Since the July low, strength has unfolded in an impulsive manner (5 waves) and weakness in a corrective manner. Parallel channel support is holding.
-The measured move on a break above 1.0567 is 1.0664 (1.0567 – 1.0471 + 1.0567). The 2011 high is at 1.0657 and strength above there could also trigger a significant breakout.
Trading Strategy: Monitor for more significant breakout move above 1.0657.
LEVELS: 1.0370 1.0444 1.0471 | 1.0570 1.0608 1.0657