Canadian Dollar at 10260 Pivot
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 but former support at 10257 and the 20 day average at 10260 have held as resistance. 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. Yesterday’s key reversal points to gains next week. Support is 10135 towards triangle resistance in the mid 10400s.
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