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USDCAD former Pivots Define Support at Current Level

By , Sr. Technical Strategist
06 June 2012 21:56 GMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD former Pivots Define Support at Current Level

Prepared by Jamie Saettele, CMT

“Like everything else, USD weakness should be viewed as countertrend in USDCAD and traders ought to look to identify support in early June.” The sharp decline into 10260/70 (5/28, 5/29 highs and 5/31 low) offers a chance to get long for a bounce. Resistance is now 10325 and 10360. Also like other USD crosses, respect the potential for additional USD weakness towards the end of the week; in this case towards 10200.

LEVELS: 10150 10200 10270 10325 10360 10425

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06 June 2012 21:56 GMT