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Canadian Dollar Trendline Fails

Canadian Dollar Trendline Fails

2011-10-27 15:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Trendline Fails

Prepared by Jamie Saettele, CMT

The USDCAD rally from the July low is confirmed as a 3 wave move as trendline support has been broken. The implications are for a drop to a new low (below 9406) in the coming months (perhaps weeks?). The pivot is now 10212 (below is bearish) and focus is on the late August low at 9725. Near term resistance is 9995, 10020, and 10045.

Trend Strength (M,W,D) – 1, 0, 0

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