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Canadian Dollar Small Range Resumes

Canadian Dollar Small Range Resumes

2012-02-24 14:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Small Range Resumes

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

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