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Canadian Dollar Nears 3 Month Trendline Support

Canadian Dollar Nears 3 Month Trendline Support

2011-10-24 15:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Nears 3 Month Trendline Support

Prepared by Jamie Saettele, CMT

Confidence in the bullish USDCAD count I’ve been following is low but does remain valid as long as price is above 10007. A drop below this level (along with the trendline drawn off of the July and September lows) would shift focus to the middle of the August congestion near 9900.

Trend Strength (M,W,D) – 1, 0, 0

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