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Canadian Dollar Focus is on Channel Resistance

Canadian Dollar Focus is on Channel Resistance

2011-05-26 14:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Focus is on Channel Resistance

Prepared by Jamie Saettele, CMT

The USDCAD has traded above its prior month high for the first time since May 2010. With price probing the upper end of its range, a more bullish interpretation of near term structure is required. As long as price is above 9641, look higher towards the 161.8% extension of the advance from 9444 at 9946. This level, along with the 3/15 high at 9974, is now resistance. Near term support comes in at 9750.

Support/Resistance Index (M,W,D) – 4, 1, 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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