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FOREX Technical Analysis: USD/CAD Nearing 6 Month Highs

By , Sr. Technical Strategist
24 January 2013 22:01 GMT

Weekly Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Nearing 6 Month Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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).” This rally is probably a 3rd or C wave. Levels of interest are 10223 (where the rally from 9633 would consist of 2 equal legs) and 10266 (61.8% of decline from 10657). Trend and channel lines intersect in mid-February near these levels, which are also defined by pivot high from July.

FOREXTrading Strategy: Buy weakness, preferably near 9971 (former resistance), with a stop below yesterday’s low (9902).

LEVELS: 9849 9903 1000 10056 10100 10200

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24 January 2013 22:01 GMT