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Canadian Dollar 9500 a Level of Interest

Canadian Dollar 9500 a Level of Interest

2011-03-07 15:30:00
Jsaettele,
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Weekly Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar 9500 a Level of Interest

Prepared by Jamie Saettele

The USDCAD is at its lowest since November 2007 and has dropped below the downward sloping trendline that extends off of the August and October lows. 9710, which was important support in February 2008, has also been met. The pivot remains last week’s high at 9959 and only a move above there would suggest a change in trend. The next potential support is a line that extends off of the October 2009 and April 2010 lows. This line is just below 9500 this week.

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