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Canadian Dollar Inverse Head and Shoulders Potential

Canadian Dollar Inverse Head and Shoulders Potential

2011-05-11 16:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Inverse Head and Shoulders Potential

Prepared by Jamie Saettele, CMT

I wrote yesterday that “support should be strong from 9541 to 9575 – a zone defined by former resistance and the 20 day average.” The USDCAD spiked lower on news this morning and has rebounded. There is the specter of a month long inverse head and shoulders pattern. What’s more, price is testing the topside of former trendline resistance – now as support.

Support/Resistance Index (M,W,D) – 2, 0, (2)

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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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