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USDCAD Breakout is Valid

By , Sr. Technical Strategist
15 May 2012 22:36 GMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Breakout is Valid

Prepared by Jamie Saettele, CMT

“As more information (price date) is revealed, it seems more and more likely that the late April decline was a false break. There will surely be stubborn traders out there that hold on to shorts, which should fuel the move higher in the coming weeks.” The trade above 10050 leaves the late April decline as a confirmed false break. Favor the upside against 9989. A drop below would leave bulls vulnerable to a test of Friday’s low and probably 9900/25 (next long opportunity if reached). Trendline resistance (off of the October and November 2011 highs) looms at 10100.

LEVELS: 10160 10100 10062 99899953 9900/25

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15 May 2012 22:36 GMT