Canadian Dollar On the Verge of a Break?
60 Minute Bars
Prepared by Jamie Saettele, CMT
An inverse head and shoulders continuation may be unfolding in the USDCAD. Friday’s low formed at the line that is parallel to the neckline (and extended from the left shoulder). The low was also at the 200 day average. Also, strength from 9784 is in 5 waves. A breakout is favored against 9881 with an objective at 10300.
Trend Strength (M,W,D) – 0, 0, 0
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 firstname.lastname@example.org.
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