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Canadian Dollar Short Term Bearish Pattern (USDCAD Bullish)

Canadian Dollar Short Term Bearish Pattern (USDCAD Bullish)

2011-03-23 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

TopHeadline_1_body_usdcad.png, Canadian Dollar Short Term Bearish Pattern (USDCAD Bullish)

Prepared by Jamie Saettele

The USDCAD has spent enough time above its former resistance line and 50 day average to qualify as a legitimate break. Near term, the rally is constructive and 9703 (100% extension) is potential support. A second wave low may have formed yesterday. A move above 9863 is needed in order to inspire confidence in the upside.

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