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Canadian Dollar Inside Day Could Signal Continuation

Canadian Dollar Inside Day Could Signal Continuation

2011-05-06 21:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_usd-cad_1_body_usdcad.png, 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

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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 jsaettele@dailyfx.com.

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