Canadian Dollar at Monthly High (USDCAD Low)
Prepared by Jamie Saettele, CMT
There is a bullish USDCAD count in which the rally from the low is a leading diagonal and the sharp decline is wave 2. Under the bullish count, a drop below 9558 would complete a 2nd (or B) wave correction. The proximity of the April low makes going long a low probability (but high reward/risk) opportunity.
Trend Strength (M,W,D) – (1), 0, (1)
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 email@example.com.
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