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Canadian Dollar 9635 Defines the Trend

Canadian Dollar 9635 Defines the Trend

2011-07-22 16:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar 9635 Defines the Trend

Prepared by Jamie Saettele, CMT

“The USDCAD bear trend is strong as long as price is below 9778 and focus is on channel resistance as well as the recent low at 9444 (also the 100% extension of the decline from 9912) and the 161.8% extension at 9238.” Having broken to its lowest level since November 2007, expectations are for extended weakness to the 161.8% extension at 9238. Risk on short positions should be moved to 9635.

Trend Strength (M,W,D) – (1), (1), (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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