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Canadian Dollar Objective Near 9800

Canadian Dollar Objective Near 9800

2011-05-12 15:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Objective Near 9800

Prepared by Jamie Saettele, CMT

The USDCAD spiked lower on news yesterday morning and formed what appears to be the right shoulder of an inverse head and shoulders pattern. What’s more, price also tested the topside of former trendline resistance and held. Look higher towards the 100% objective at 9780 – which intersects channel resistance on (guess when….) May 16th.

Support/Resistance Index (M,W,D) – 3, 0, 0

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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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