USD/CAD Recovery Not Inspiring

By DailyFx | July 08, 2014 AAA

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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.

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