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Canadian Dollar Trade Setup against 9788 Low

By , Sr. Technical Strategist
20 September 2011 14:51 GMT

60 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Trade Setup against 9788 Low

Prepared by Jamie Saettele, CMT

Nn inverse head and shoulders continuation may be unfolding in the USDCAD. Friday’s low formed at the line that is parallel to the neckline (and extended from the left shoulder). The low was also at the 200 day average. Also, strength from 9784 is in 5 waves. A drop below 9880 would present a bullish opportunity against 9784.

Trend Strength (M,W,D) – 0, 0, 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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20 September 2011 14:51 GMT