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Canadian Dollar Daily Key Reversal

Canadian Dollar Daily Key Reversal

2012-01-31 00:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Daily Key Reversal

Prepared by Jamie Saettele, CMT

The USDCAD made a key reversal today (new low, higher close and larger than average range). This is the first bullish key reversal since the December 8th low. Still, price is resisted by a trendline that extends off of the 1/13 and 1/25 highs. A move above 10070 is needed in order to trigger a bullish bias towards 10160/90.

Bottom Line – flat

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

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