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USDCAD Technicals for July 20th

USDCAD Technicals for July 20th

2010-07-20 15:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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 DT-10-07-20-CAD

The larger C wave rally in the USDCAD should eventually exceed 10866 and risk on longs can be moved up to 10275. An inverse head and shoulders pattern may be forming since the October 2009 low. 10450 is potential 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 jsaettele@dailyfx.com.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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