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  • The Japanese #Yen may rise if a growing number of coronavirus cases around the world puts a premium on anti-risk assets. JPY’s gains may be amplified if corporate earnings fail to impress investors. Get your #currencies update from @ZabelinDimitri here: https://t.co/yP4revKq6J https://t.co/7smgRKspLU
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  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/beKjEODs2y
Canadian Dollar Whipsaws Traders

Canadian Dollar Whipsaws Traders

2012-02-16 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Whipsaws Traders

Prepared by Jamie Saettele, CMT

Yesterday’s commentary was “the USDCAD is nearing the top of its monthly range (which is small) of 10048. Resistance at 10048 is reinforced by the 100% extension of the rally from the low. 10050/75 is also a series of daily lows from December and January. Volatility is exceptionally low which is not conducive to breakouts so expect resistance to hold in the mentioned area.” The sharp reversal keeps focus on the downside towards lows in September and August at 9775 and 9725.

Bottom Line – flat

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