Canadian Dollar Trendline Put to Test
Prepared by Jamie Saettele, CMT
A well defined trendline has characterized the trend since August and price is putting to test that line this morning. If support fails (and I think it will), then focus shifts to 10025, 9970, and the October low at 9890. The corrective nature of price action since the October top is suggestive of a triangle or flat. The current decline composes wave C of the pattern. Pushing through 10205 would shift focus to 10260.
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