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Canadian Dollar 9550 Now Resistance (USDCAD Support)

Canadian Dollar 9550 Now Resistance (USDCAD Support)

2011-05-10 15:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar 9550 Now Resistance (USDCAD Support)

Prepared by Jamie Saettele, CMT

The USDCAD rally has stalled at the 50 day MA but focus remains on the pivot high at 9720 with a break above signaling an end to lower highs and strongly suggesting that an important low is in place. Friday’s inside day presents a bullish continuation opportunity. Resistance in the event of continued strength is at 9837 (former support) and 9974 (3/15 high). Support should be strong from 9541 to 9575 – a zone defined by former resistance and the 20 day average.

Support/Resistance Index (M,W,D) – 3, 3, (1)

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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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