USDCAD Technicals for July 27th
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. I wrote yesterday that “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.” 10275 gave way briefly…the long term bullish base remains intact. Above 10440 would suggest that the trend is back up.
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 firstname.lastname@example.org.
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