US Dollar / Canadian Dollar 05-14
The USDCAD advance is playing out and the pair is nearing initial resistance at 10340. 10440 would be the next level resistance (watch 10400 too, which was the gap level). “The rally from 9928 to 10746 is left as a correction but the succeeding decline is also a correction”. Either a triangle or flat appears to be unfolding from the 9928 low. In the case of a triangle, the USDCAD would probably reach 10500-10600. In the case of a flat, the pair would exceed 10750. The 78.6% retracement has held as support.
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 firstname.lastname@example.org.
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