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USDCAD Technicals for July 26th

USDCAD Technicals for July 26th

2010-07-26 15:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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US Dollar / Canadian Dollar

Daily Bars

DT-USDCAD-10-07-26_body_100726_100025_CQG_IC_Screen.png, USDCAD Technicals for July 26th

Prepared by Jamie Saettele

The larger C wave rally in the USDCAD should eventually exceed 10866. An inverse head and shoulders pattern may be forming since the October 2009 low. At this point, 10275 and even 10134 may be in trouble. The larger bullish base is intact as long as price is above 9930 however.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosseson 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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