Canadian Dollar Inside Day Could Signal Continuation
Prepared by Jamie Saettele, CMT
After exceeding its 20 day average and breaking above a trendline extended off of the March and April highs, the USDCAD turned back and is testing the trendline as support now. Focus remains on the pivot high at 9720 with a break above signaling an end to lower highs and strongly suggesting that a major low is in place. Today’s inside day presents a bullish continuation opportunity.
Support/Resistance Index (M,W,D) – 2, 7, 3
Latest Video (market thoughts in lieu of video yesterday)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to email@example.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.