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EURUSD Still Owed a Breakout Post-ECB, S&P 500’s Hopes with PMIs a Long-Shot
2021-07-23 02:00:00
US Dollar Outlook: USD/JPY Mired by Yields, Flash PMIs Due
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Gold Price Forecast – XAU/USD Could Get Put to the Test This Week
2021-07-23 20:00:00
Gold (XAU/USD) and Silver (XAG/USD) at Critical Levels ahead of FOMC
2021-07-23 11:25:00
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2021-07-23 16:00:00
GBP/USD Bounce Fizzles Out Despite Higher Retail Sales in June
2021-07-23 08:00:00
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USD/JPY Rate Tracks Rebound in US Yields Ahead of Fed Rate Decision
2021-07-23 15:00:00
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2021-07-22 22:30:00
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USDCAD Pulls Back to Test Former Support

USDCAD Pulls Back to Test Former Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Pulls Back to Test Former Support

Prepared by Jamie Saettele, CMT

“My best guess is that sideways trade in recent months composes a triangle. In this case, the triangle is bearish and a terminal thrust below 9841 would complete a bearish cycle.” The close below 9834 constitutes a valid breakout and the measured objective is 9630 (9840-width of range). 9860, 9885, and 9930 are resistance and I favor shorts into this range with a stop above 9980 to play the breakdown.

Bottom Line (next 5 days) – sideways/lower?

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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