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Canadian Dollar Pressures Range High (USDCAD Range Low)

Canadian Dollar Pressures Range High (USDCAD Range Low)

2011-08-29 16:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Pressures Range High (USDCAD Range Low)

Prepared by Jamie Saettele, CMT

The drop below 9765 negates the triangle as it was previously discussed but it is possible that this latest decline composes wave b (triangle) of an a-b-c corrective decline from 10008. Given the deeply oversold condition on the 60 minute chart, expect additional weakness before a more important low forms (to create divergence). Resistance is 9795 and the next support is 9685.

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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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