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Canadian Dollar at Channel – 10400 is Support

Canadian Dollar at Channel – 10400 is Support

2011-10-03 15:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar at Channel – 10400 is Support

Prepared by Jamie Saettele, CMT

With the USDCAD breaking to fresh highs, focus is higher towards 10675 (July and August 2010 highs) and the Fibonacci extension at 10695. The current level may be an impediment to additional gains (channel and 10500) and support is at 10355-10400.

Trend Strength (M,W,D) – 1, 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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