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Canadian Dollar Bullish Channel in Play this Week

Canadian Dollar Bullish Channel in Play this Week

2011-10-11 15:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Bullish Channel in Play this Week

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 for a low.

Trend Strength (M,W,D) – 1, 1, 0

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