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USDCAD Plummets but Remains Within Range

USDCAD Plummets but Remains Within Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Plummets but Remains Within Range

Prepared by Jamie Saettele, CMT

The USDCAD plummeted today following hawkish comments from the Bank of Canada. It seems a bit too easy to simply short the USDCAD on news but a break below 9841 would shift focus to 9725 (what constitutes a break is always up for debate but price should spend at least 1 session below/above the pivot). 9925/60 is resistance.

Bottom Line (next 5 days) – ?

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