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Canadian Dollar Focus on 9500

Canadian Dollar Focus on 9500

2011-03-09 15:41:00
Jsaettele,
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Weekly Candles

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Focus on 9500

Prepared by Jamie Saettele

The USDCAD continues to trade right at 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 and has been holding on a daily closing basis. 9775 (the March high thus far) is the bullish pivot. Trading above there would give scope to formation of an important bottom. Additional downside should see a test of the lower support line (circled) near 9500.

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