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Canadian Dollar False Break – Watch 10260

Canadian Dollar False Break – Watch 10260

2011-12-08 17:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar False Break – Watch 10260

Prepared by Jamie Saettele, CMT

A well defined trendline has characterized the trend since August. After sliding just below the trendline, the USDCAD has rocketed higher and is already nearing resistance from former support at 10257 and the 20 day average at 10260. A push through there exposes 10362. Pattern wise, a triangle may be underway from the October high. The decline from the November high would compose wave C.

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