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US Dollar / Canadian Dollar 05-20

US Dollar / Canadian Dollar 05-20

2010-05-20 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 5-20-10DT-USDCAD

“The rally from 9928 to 10746 is left as a correction but the succeeding decline is also a correction”. Bottom line, the USDCAD rally has accelerated so favor the upside but move risk to 10400. I’ve mentioned the possibility of a flat in recent days. An objective would be 10925 (100% extension).

 

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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