Canadian Dollar Channel Upwards of 10400
60 Minute Bars
Prepared by Jamie Saettele, CMT
After breaking through the August high, the USDCAD soared and reached its 10300 objective (that level was the width of the consolidation extended from the breakout level). Interestingly, price has returned to the September 2010 level. Look higher towards the bullish channel in the mid 10400s as long as price is above 10233. A word of caution though – price is at its 3rd standard deviation band on the daily and sideways trading may be in order to correct the recent moves.
Trend Strength (M,W,D) – 0, 2, 2
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 email@example.com.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.