Canadian Dollar Reverses at Fibonacci Level
300 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. Recent weakness is probably a 4th wave correction and may be complete at the 38.2% retracement of the rally from 9785.
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 and follow hom on Twitter @JamieSaettele.
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