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Canadian Dollar Channel is Key

Canadian Dollar Channel is Key

2011-05-20 14:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Channel is Key

Prepared by Jamie Saettele, CMT

The USDCAD has traded above its prior month high for the first time since May 2010. The rally reversed however at the 100% extension of the rally from the low and channel resistance. With the rally in 3 waves, it is possible that the larger trend remains down (or a flat or triangle similar to patterns in the other commodity currencies). Trading above 9793 would trigger the alternate bearish count in which the rally is a series of 1st and 2nd waves. This is an extremely bullish count and focus would then shift to 9975.

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