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Canadian Dollar Short Term Pattern Suggests Big Move Soon

Canadian Dollar Short Term Pattern Suggests Big Move Soon

2011-09-07 15:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-cad_1_body_usdcad.png, Canadian Dollar Short Term Pattern Suggests Big Move Soon

Prepared by Jamie Saettele, CMT

The USDCAD turn higher leaves the USDCAD decline from 10007 in 3 waves (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. The impulsive rally from 9724 reinforces my bullish convictions. Additional support is 9815 if needed.

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Trend Strength (M,W,D) – 0, 0, 0

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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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