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Canadian Dollar Poised for September Breakdown (USDCAD Higher)

Canadian Dollar Poised for September Breakdown (USDCAD Higher)

2011-09-05 13:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Poised for September Breakdown (USDCAD Higher)

Prepared by Jamie Saettele, CMT

The drop below 9765 negates the triangle as it was previously discussed but it is possible that the latest decline composes wave c of an a-b-c corrective decline (with wave b as the triangle) from 10008. The turn higher leaves the USDCAD decline from 10007 in 3 waves (again, with triangle wave b) so the next bull leg may be underway. An objective is the 100% extension of the rally from 9409, at 10325. This level is close to a pivot high from October 2010 at 10373.

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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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