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What to Do with the USDCAD at 2012 Lows

What to Do with the USDCAD at 2012 Lows

2012-04-30 12:29:00
Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

April was choppy and difficult to navigate. May ideally ushers in better conditions. Continue to watch the Yen crosses, as many are near/at their 50% retracements from the February lows. The EUR, CAD, AUD, and USD are heavy on event risk this week.

What_to_Do_with_the_USDCAD_at_Yearly_Lows_body_eurcad.png, What to Do with the USDCAD at 2012 Lows

Prepared by Jamie Saettele, CMT

EURCAD – Action for all of 2012 may compose a triangle. If so, then an objective is 12566 (13176 – triangle width (13479-12869)). 13040/70 is near term resistance.

What_to_Do_with_the_USDCAD_at_Yearly_Lows_body_usdcad.png, What to Do with the USDCAD at 2012 Lows

Prepared by Jamie Saettele, CMT

USDCAD – The USDCAD has broken its multi month range. A bearish objective is found by subtracting the width of the range (210 pips) from the breakout level (9842). 9630 then is the objective. To be sure, the current low volatility environment isn’t conducive to breakouts but resistance is 9840, 9870, and 9890. Bears are favored against 9980.

What_to_Do_with_the_USDCAD_at_Yearly_Lows_body_eurusd.png, What to Do with the USDCAD at 2012 Lows

EURUSD – Is ‘stuck’ in a low volatility environment. Resistance is still defined by lows from late March / early April from 13250/75 and trendline resistance near the upper end of that range. Recent lows are now support at 13156 and 13103.

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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