I wrote yesterday that “confidence is low in the USDCAD bullish count against 10200. The USDCAD needs to find a bottom before 10200 or focus shifts to 9915 (78.6% retracement of the rally from 9055) and then 9710, which is the bottom of the base that formed in early 2008.” The sharp rally suggests that a bottom is in place just below 10400. Structurally, the decline from 10875 is a drawn out flat with a triangle as wave b. The minimum objective is above 10875.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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