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US Dollar / Canadian Dollar

US Dollar / Canadian Dollar

2010-07-29 15:16:00
Tim Shea,
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60 Minute Bars

eliottWaves_usd-cad_body_100730_081711_CQG_IC_Screen.png, US Dollar / Canadian Dollar

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 (visible on the weekly chart). Near term, favor the upside against 10134 although price ideally remains above 10250.

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.

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