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Canadian Dollar Test of 10450 Expected

Canadian Dollar Test of 10450 Expected

2011-12-15 16:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Test of 10450 Expected

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 price is nearing triangle resistance in the mid 10400s. Pattern wise, a triangle may be underway from the October high. The decline from the November high would compose wave C with the current rally composing wave D. A push above 10525 would require a reassessment and suggest that something more bullish is underway.

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