USD/CAD Recovery Not Inspiring

By DailyFx | July 08, 2014 AAA

DailyFX.com -

Daily

USD/CAD Recovery Not Inspiring

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“The month open at 1.0840 continues to be tested. The rate needs to stay above this level (daily close) in order to maintain a constructive stance. If lower levels are seen then the 200 DMA comes into play.” After 1.0840 gave out, USDCAD has plunged. The 200 DMA didn’t do anything and the rate is back to its year open (1.0634). The July 2013 high intersects with long term trendline support at 1.0608 this week.

LEVELS: 1.0587 1.0608 1.0657 | 1.0705 1.0734 1.0763

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

comments powered by Disqus
Related Forex Analysis
  1. USD/CAD At A Key Barrier As Doji Ensemble Denotes Indecision
    Forex News

    USD/CAD At A Key Barrier As Doji Ensemble Denotes Indecision

  2. USD/CAD Technical Analysis: Stalling Above 1.12 Figure
    Forex News

    USD/CAD Technical Analysis: Stalling Above 1.12 Figure

  3. USD/CAD Slow and Steady Uptrend
    Forex News

    USD/CAD Slow and Steady Uptrend

  4. USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction
    Forex News

    USD/CAD Rebounds After Doji Signaled Bears Were Lacking Conviction

  5. USD/CAD Technical Analysis: Channel Support in Focus
    Forex News

    USD/CAD Technical Analysis: Channel Support in Focus

Trading Center