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Canadian Dollar Trades to 20 day Average

Canadian Dollar Trades to 20 day Average

2011-03-11 15:54:00
Jsaettele,
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Daily Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Trades to 20 day Average

Prepared by Jamie Saettele

9775, which I had pegged as my bullish pivot, has been exceeded. Still, price 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.” 9720 is short term support. Also, since this is an attempt at catching a bottom – TRADE SMALL and always use stops!

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