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Canadian Dollar Swings Wildly in Range

Canadian Dollar Swings Wildly in Range

2012-01-10 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Swings Wildly in Range

Prepared by Jamie Saettele, CMT

The USDCAD has extended Monday’s reversal to reach 10150. There are multiple possible outcomes at the current juncture and only violation of a key level will provide clarity. The bullish triangle remains valid as long as price is above 10075. A drop below would shift focus to the October low at 9891. Resistance for Wednesday is 10210/45.

Bottom Line – long, stop 10075

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