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Canadian Dollar Elliott Channel Already of Interest

Canadian Dollar Elliott Channel Already of Interest

2011-10-07 14:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Elliott Channel Already of Interest

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.” The 4th wave is playing out faster than expected, at least in price. Often, a fast first leg of the correction gives way to sideways trade for some time in order to correct the prior advance in time (triangle?). Watch the Elliott channel and 10142.

Trend Strength (M,W,D) – 1, 2, 2

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