News Column

USD/CAD Base Building for a Move Higher?

May 22, 2014

Jamie Saettele, CMT

Daily

USD/CAD Base Building for a Move Higher?

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



-"Channel supports in USDCAD extend from about 1.0780 to 1.0860 (the recent low) this week. 1.0793 also represents the 61.8% extension of the first leg of the drop from the March high." With USDCAD turning up before the channel, I'm wondering if a low is in place.



-This latest advance failed shy of the month open (1.0854), and leaves near term conditions sideways to down but keep eyes on the channel just below.



LEVELS: 1.0790 1.0829 1.0860 | 1.0954 1.1001 1.1052

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.




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Source: DailyFx


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