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Canadian Dollar Extension Could Reach 10675

Canadian Dollar Extension Could Reach 10675

2011-09-30 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Extension Could Reach 10675

Prepared by Jamie Saettele, CMT

With the USDCAD breaking to fresh highs, focus is higher towards 10675 (July and August 2010 highs). RSI divergence on the 300 minute chart warns of at least sideways action for a bit however. Support is 10357 and an extension into the mentioned 10675 is favored as long as price is above 10255.

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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