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Canadian Dollar Key Reversal Day on Friday

Canadian Dollar Key Reversal Day on Friday

2011-02-07 15:45:00
Jsaettele,
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Daily Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Key Reversal Day on Friday

Prepared by Jamie Saettele

The USDCAD was turned back by trendline resistance (and the 50 day average) last week and price traded at its lowest since May 2008 on Friday. Downside pressures remain and focus is on the downward sloping trendline drawn off of the August and October lows as well as 9710 (February 2008 low). A key reversal day on Friday makes things interesting however (common at turns).

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

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