The USDCAD has dropped below 10368 and to its lowest level since mid January. The potential for a bottom and reversal remains but confidence is low. It is also possible that a bearish triangle is complete from the October 2009 low at 10684. 10450 is resistance.
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 at the DailyFX Forum. 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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