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Canadian Dollar 10100 is a Short Term Measured Level

Canadian Dollar 10100 is a Short Term Measured Level

2012-01-18 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar 10100 is a Short Term Measured Level

Prepared by Jamie Saettele, CMT

There are multiple possible USDCAD outcomes at the current juncture and only a violation of a key level will provide clarity. A bullish triangle remains valid as long as price is above 100750. A measured level at 10103 (2 equal legs down from 10319) and the short term channel reinforce support. A drop below 10075 would shift focus to the October low at 9891. Near term resistance is 10190-10215.

Bottom Line – long, stop 10075

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