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US Dollar / Canadian Dollar 03-05

US Dollar / Canadian Dollar 03-05

2010-03-05 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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usdcad0305 

The USDCAD has dropped below 10368 and to its lowest level since mid January.  The potential for a bottom and reversal remain, especially since the decline from 10577 is now 161.8% of the decline from 10684-10491 and the decline from 10684 is 100% of the decline from 10784.  Even if the decline from 10577 is a 3rd wave (rather than a c wave), a 4th wave correction would probably reach at least 10368.  
 
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.
 

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