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Canadian Dollar 10007 is Key Level

Canadian Dollar 10007 is Key Level

2011-10-14 16:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar 10007 is Key Level

Prepared by Jamie Saettele, CMT

The USDCAD has dropped below Elliott channel support but the 4th wave interpretation is favored as long as price is above the wave 1 high of 10007. The former 4th wave of one less degree at 10142 has been tested and ideally holds if the larger trend is up. 10380 is near term resistance.

Trend Strength (M,W,D) – 1, 1, 0

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