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USDCAD Yet Another False Break

USDCAD Yet Another False Break

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Yet Another False Break

Prepared by Jamie Saettele, CMT

After trading to 10052 yesterday, the USDCAD plummeted today. In fact, the last several days’ action is a perfect example of a false break (at 2nd or even 3rd standard deviation band) after a tight range (see current NZDUSD). Price may be coiling for an explosive breakout, but that’s conjecture. There is little else to say at this point as the range, at least for now, lives on. Short term levels to pay attention to are 9985 and 9917.

Bottom Line (next 5 days) – ?

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