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Canadian Dollar Focus is on Short Term Trendlines

Canadian Dollar Focus is on Short Term Trendlines

2011-05-27 13:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Focus is on Short Term Trendlines

Prepared by Jamie Saettele, CMT

After breaking higher on the 23rd, the USDCAD has traded sideways for several days. It’s impossible to know whether or not this is consolidation before additional strength or distribution prior to weakness. 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 resistance. Near term support is at 9750.

Support/Resistance Index (M,W,D) – 5, 2, 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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