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Canadian Dollar Still Favored against US Dollar

Canadian Dollar Still Favored against US Dollar

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Still Favored against US Dollar

Prepared by Jamie Saettele, CMT

Resistance at 10048 is reinforced by a series of daily lows from December and January. Last week’s sharp reversal keeps focus on the downside towards lows in September and August at 9775 and 9725. Bigger picture, the decline from the October high is viewed as a correction (A, triangle B, C) that is expected to terminate near the mentioned 9725/75.

Bottom Line – Lower

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

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