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Canadian Dollar Break Not Yet Convincing

Canadian Dollar Break Not Yet Convincing

2012-02-29 02:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Break Not Yet Convincing

Prepared by Jamie Saettele, CMT

“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.” The USDCAD has broken down but the general USD reversal theme can’t be ignored. Keep looking lower, albeit cautiously, towards the mentioned levels.

Bottom Line – Lower?

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