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Canadian Dollar Triangle Pattern Suggests Thrust and Reversal

Canadian Dollar Triangle Pattern Suggests Thrust and Reversal

2011-08-22 17:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Triangle Pattern Suggests Thrust and Reversal

Prepared by Jamie Saettele, CMT

Latest developments suggest a triangle is forming. Just like the recent USDJPY move, the implications here are for a rally to a new high (above 10008) before a top and reversal. Exceeding the January high of 10105 would trigger an intra-year reversal and shift focus to the November 2010 high of 10375. Look higher as long as price is above 9765. A drop below would shift focus lower to 9634.

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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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