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USD/CAD Reverses at Channel; Could be Significant

May 27, 2014

Jamie Saettele, CMT


USD/CAD Reverses at Channel; Could be Significant

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 (1.0954) but today's response at the confluence of former trendline resistance and long term channel support indicates a bottoming attempt.

LEVELS: 1.0790 1.0829 1.0845 | 1.0913 1.0954 1.1001

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

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Source: DailyFx

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