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USDCAD Rallies off of 20 Day Average

By , Sr. Technical Strategist
11 June 2012 22:34 GMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Rallies off of 20 Day Average

Prepared by Jamie Saettele, CMT

“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.” The USDCAD traded 9 pips below the 6/7 low on Sunday night before reversing sharply. Support at the low is reinforced by the 20 day average and 5/29 low. The RSI reversal signal is also bullish. 10360 is the first level that could provoke a reaction.

LEVELS: 10200 10230 10275 10355 10400 10446

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11 June 2012 22:34 GMT