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FOREX Technical Analysis: USD/CAD Burst Warrants Impulsive Interpretation

By , Sr. Technical Strategist
24 December 2012 16:29 GMT

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Burst Warrants Impulsive Interpretation

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The 5 wave rally from 9632 does suggest that the trend is higher from that point. The goal now is to identify the secondary low (wave 2 or B). Price is consolidating around the 50% retracement of the rally from 9632 and a move above 9881 would break the series of lower lows.” The break higher suggests that a 3rd or C wave is underway towards 10056…and much higher.

FOREXTrading Strategy: Longs are favored against 9824. Support begins at 9895.

LEVELS: 9717 9794 9826 9881 9933 9991

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24 December 2012 16:29 GMT