Big picture, understand that the USDCAD has broken to a 2010 high and that the next chart resistance is not until 11130. Friday’s rally leaves the decline from 10860 in 3 waves, which is bullish. The upside is favored against 10330.
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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