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Canadian Dollar September Channel Defines Trend

Canadian Dollar September Channel Defines Trend

2011-09-29 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar September Channel Defines Trend

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. A triangle is also possible (along with the other commodity pairs) and support is 10205/55. A bullish objective is 10675 (July and August 2010 highs).

Trend Strength (M,W,D) – 0, 2, 2

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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 and follow hom on Twitter @JamieSaettele.

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