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Canadian Dollar 200 day Average at 9955

Canadian Dollar 200 day Average at 9955

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar 200 day Average at 9955

Prepared by Jamie Saettele, CMT

Yesterday’s USDCAD reversal was completely retraced and a move above 10070 is still needed in order to trigger a bullish bias towards 10160/90. The 200 day average is at 9955 and should be watched closely for support. Price was last at the 200 day average on 9/16/11, which turned out to be the launching pad for the rally into the October high.

Bottom Line – flat

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