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Canadian Dollar 10225 is a Potential Reversal Point

Canadian Dollar 10225 is a Potential Reversal Point

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar 10225 is a Potential Reversal Point

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 Thursday is 10210/45.

Bottom Line – long, stop 10075

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