USD/CAD Strong Reaction at Trendline Resistance

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USD/CAD Strong Reaction at Trendline Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

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.”

LEVELS: 1.0670 1.0700 1.0735 | 1.0775 1.0800 1.0835

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

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