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Canadian Dollar Reverses From Possible H&S Shoulder Line

Canadian Dollar Reverses From Possible H&S Shoulder Line

2011-09-19 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Reverses From Possible H&S Shoulder Line

Prepared by Jamie Saettele, CMT

The USDCAD rally today suggests that an inverse head and shoulders continuation may be unfolding. Friday’s low formed right at the line that is parallel to the neckline (and extended from the left shoulder). The low was also at the 200 day average. A break above 10008 would shift focus to a 10300 objective.

Trend Strength (M,W,D) – 0, 1, 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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