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Canadian Dollar Tests Early Month Pivot

By , Sr. Technical Strategist
16 September 2011 15:36 GMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Tests Early Month Pivot

Prepared by Jamie Saettele, CMT

The USDCAD traced out a key reversal Thursday, suggesting that perhaps the rally above 10007 composes wave b of a flat rather than the next leg up. Divergence with RSI is evident on the daily as well. If a flat is unfolding, then price will drop below 9725 before staging yet another reversal. This is my best guess – a move above 10025 would demand respect as a breakout candidate.

Trend Strength (M,W,D) – 0, 1, 0

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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16 September 2011 15:36 GMT