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Canadian Dollar Rally Unfolding in 5 Waves – Resistance Line at 10040

Canadian Dollar Rally Unfolding in 5 Waves – Resistance Line at 10040

2011-08-10 15:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Rally Unfolding in 5 Waves – Resistance Line at 10040

Prepared by Jamie Saettele, CMT

After exceeding its 200 day average, the USDCAD also exceeded its June high thus confirming a double bottom with the May and July lows. The measuring technique reveals an objective just above 10400 (width of consolidation added to the breakout level). A new high may complete 5 waves up from the low. A setback to at least 9750 would present an opportunity to get long.

Trend Strength (M,W,D) – (1), 0, 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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