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Canadian Dollar Sharp Reversal at Trendline

Canadian Dollar Sharp Reversal at Trendline

2012-01-09 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Sharp Reversal at Trendline

Prepared by Jamie Saettele, CMT

The USDCAD rally reversed at the trendline that extends off of the November and December highs (there is also a trendline on daily RSI from the October high). The upside remains favored against 10075 towards the December high at 10423 and November high at 10523. Support is expected at 10225 (former resistance) and 10170. Resistance for Tuesday is 10270. Additional technical research can be found at DailyFX.com.

Bottom Line – Buy dips into 10170-10225, stop 10100, targets 10425, 10525

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