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Canadian Dollar Head and Shoulders Pattern

Canadian Dollar Head and Shoulders Pattern

2011-05-13 14:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Head and Shoulders Pattern

Prepared by Jamie Saettele, CMT

The USDCAD inverse head and shoulders pattern suggests that price is on the verge of exploding higher soon. A break above 9721 exposes the 100% objective at 9780 – which intersects short term channel resistance on Monday. Additional strength would target 9850 and then the 161.8% extension at 9950 (March high is at 9975). It is worth noting that trading above the April high of 9721 would be the first time price exceeds the prior month’s high since May 2010.

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