Canadian Dollar Trendline Holds-10260 is of Interest
Prepared by Jamie Saettele, CMT
The USDCAD touched 10007 yesterday, negating the bullish structure as previously described (5 wave rally from July low). There are other valid bullish interpretations, including an aggressive 1-2-i-ii count. If equities are nearing a 3rd wave decline, then this aggressive count is probably correct. A key reversal forming at a support line yesterday is evidence of a bottoming process. 10260 is resistance.
Trend Strength (M,W,D) – 1, 0, 0
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.