USD/CAD Tests June High; Fibonacci (61.8) Level is at 1.1026

By DailyFx | August 05, 2014 AAA

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USD/CAD Tests June High; Fibonacci (61.8) Level is at 1.1026

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCAD has reversed sharply from near the year open (1.0634) and just above long term trendline support and the July 2013 high (1.0608).

-“The thrust off of the lows is promising but expect a reaction near 1.0800/10. This level is defined by trendline resistance, the 200 DMA, and former lows. Support is now estimated at 1.0690/1.0710.” USDCAD dipped to 1.0710 in mid-July before accelerating higher. The current level may inspire consolidation but near term trend is higher as long as price is above 1.0875.

--Trading ideas are availabletoJ.S. Trade Desk members.

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