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Canadian Dollar Trendline Remains Key

Canadian Dollar Trendline Remains Key

2011-12-06 16:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Trendline Remains Key

Prepared by Jamie Saettele, CMT

A well defined channel has characterized the trend since August and price has reached that channel this morning before reversing sharply. Quite simply, the series of higher highs and higher lows (definition of an uptrend) is intact above the October low of 9890. Furthermore, do not dismiss the long term potential inverse head and shoulders pattern (underway since April 2010). Near term resistance is 10255. Like other commodity crosses, we could be in for a range to end the year (triangle or flat from October high).

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