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USDCAD Tests 20 Day Average for First Time Since April

By , Sr. Technical Strategist
07 June 2012 23:45 GMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Tests 20 Day Average for First Time Since April

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. Same deal here of course. The USDCAD tested support from the 5/29 low and 20 day average before reversing during the US session. Like all other USD pairs, a final leg of USD weakness may be required in order to complete what is probably wave A of an A-B-C correction from 10446. A test of the low would suffice. 10295 is resistance.

LEVELS: 10030 10150 10200 10295 10330 10360

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07 June 2012 23:45 GMT