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Canadian Dollar Reverses at Pivot Under 10400

Canadian Dollar Reverses at Pivot Under 10400

2011-10-06 15:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Reverses at Pivot Under 10400

Prepared by Jamie Saettele, CMT

“A move into the 10675-10700 area will complete a 3rd wave rally and give way to consolidation / weakness in a 4th wave. The USDCAD reversed just shy of the cited objective but the implications remain. That is, expect several weeks and perhaps a month of consolidation / weakness in a 4th wave. Support is 10385.” Support has been reached and a bounce could test 10510/70. Like the USDOLLAR, expect sideways / down trade throughout October in order to correct the rally from 9724.

Trend Strength (M,W,D) – 1, 2, 2

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