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Canadian Dollar at Make or Break Level

Canadian Dollar at Make or Break Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar at Make or Break Level

Prepared by Jamie Saettele, CMT

Was yesterday’s drop below trendline support a false break? Price has rebounded nearly 100 pips from the low and daily RSI is at a level that has acted as support since October. Pay attention to the first day of the month high at 10211. That level serves as the pivot. Additional s/r levels to watch are 10160/80 and 10050 and 9950.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.