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Canadian Dollar 9775 Marks Monthly Reversal Pivot

Canadian Dollar 9775 Marks Monthly Reversal Pivot

2011-03-10 15:56:00
Jsaettele,
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Daily Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar 9775 Marks Monthly Reversal Pivot

Prepared by Jamie Saettele

Why anyone would trade the USDCAD is beyond me but today’s strong rally sets sights on 9775. I have that labeled as the bullish pivot. Even so, a move above there still must contend with the 20 day average and then the 50 day average, which is reinforced by a series of former lows (circled). To review – “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.”

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