240 Minute Bars
Prepared by Jamie Saettele
The USDCAD continues to respect its summer range. The June, July, and August highs all occurred within several pips of 10680. Channel support comes into play at current price although I do expect the level to give way next week as the rally from 10105 is left in 3 waves. Further, the advance is in 2 equal legs…the entire advance from 10105 will probably be retraced.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on 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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