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Canadian Dollar Pivot is 10057

Canadian Dollar Pivot is 10057

2011-02-09 15:48:00
Jsaettele,
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240 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Pivot is 10057

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). Short term structure is bearish as long as price is below 10057.

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