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Canadian Dollar 9700 or 9650 May Produce a Turn

Canadian Dollar 9700 or 9650 May Produce a Turn

2011-09-02 07:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar 9700 or 9650 May Produce a Turn

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 c of an a-b-c corrective decline (with wave b as the triangle) from 10008. Waves a and c would be equal at 9680 and 9645 is former resistance and may now provide support. Reinforcing the latter level is the 61.8% retracement of the rally from 9406 at 9636. It is worth noting that a monthly bullish engulfing pattern formed in August.

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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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