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USDCAD Takes out Prior 7 Days’ Highs

USDCAD Takes out Prior 7 Days’ Highs

2012-03-20 20:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Takes out Prior 7 Days’ Highs

Prepared by Jamie Saettele, CMT

“Recent consolidation may be a triangle.” Today’s spike may have completed the triangle. 10050 is the pivot (below is bearish and above is bullish). Expectations remain for an extension of weakness (albeit in a terminal thrust) towards the 8/31 low at 9725.

Bottom Line (next 5 days) – down

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