News Column

USD/CAD Action Suggests That Major Low is in Place

June 2, 2014

Jamie Saettele, CMT

Daily

USD/CAD Action Suggests That Major Low is in Place

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."



-The rate has responded to a major confluence of trendlines. The next bull leg in USDCAD may be underway.



LEVELS: 1.0829 1.0850 1.0880 | 1.0913 1.0954 1.1000

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




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Source: DailyFx


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