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Canadian Dollar 9640 a Level of Interest

Canadian Dollar 9640 a Level of Interest

2011-05-31 15:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar 9640 a Level of Interest

Prepared by Jamie Saettele, CMT

The USDCAD has plummeted (as crude has soared) and price is nearing support from a trendline and former pivot at 9640. Like the AUDUSD, it is possible that the leg from 9444 is a leading diagonal. Expect support at 9575 (former resistance).

Support/Resistance Index (M,W,D) – 3, (2), (3)

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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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