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Canadian Dollar at Resistance (USDCAD Support)

Canadian Dollar at Resistance (USDCAD Support)

2010-07-09 13:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-09-CAD

The larger C wave rally in the USDCAD should eventually exceed 10866. The decline from 10680 has reached the lower end of the support zone (61.8% retracement and former congestion). I expect that the USDCAD will find a secondary low ahead of 10134….ideally close to the current level.

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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