USD/CAD Teetering on the Edge; 1.0840 is Huge

By DailyFx | Updated July 30, 2014 AAA

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USD/CAD Teetering on the Edge; 1.0840 is Huge

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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 month open at 1.0840 was tested on Thursday. 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.

LEVELS: 1.0765 1.0813 1.0840 | 1.0899 1.0925 1.0960

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

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