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FOREX Technical Analysis: USD/CAD Focus Still On 9800

By , Sr. Technical Strategist
17 December 2012 23:08 GMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Focus Still On 9800

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The USDCAD rally from September is in 5 waves therefore the reversal should be respected. The most common retracement area following 5 wave movements is the former 4th wave, which comes in at 9874.” Price has already dropped beneath 9874 and the 50% retracement of the rally from 9632 at 9844. Focus is on the 61.8% at 9794. Weakness from 10056 would consist of 2 equal legs at 9810.

FOREXTrading Strategy: I’m still on the lookout for a reversal from slightly lower levels (9794-9810).

LEVELS: 9717 9794 9826 9881 9933 9991

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17 December 2012 23:08 GMT