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Canadian Dollar False Break an Opportunity

Canadian Dollar False Break an Opportunity

2012-03-05 21:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar False Break an Opportunity

Prepared by Jamie Saettele, CMT

The USDCAD breakdown last week has nearly been completed retraced. One must respect the turnaround and consider the possibility that a thrust from a bearish triangle is complete. Interim resistance comes in at 9985 but the real test will be the confluence of the 50 day average and recent range high at 10050. A bullish bias is warranted against 9840.

Bottom Line – higher

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