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USDCAD Pattern is Bullish but Don’t Dismiss Dip Potential

USDCAD Pattern is Bullish but Don’t Dismiss Dip Potential

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Pattern is Bullish but Don’t Dismiss Dip Potential

Prepared by Jamie Saettele, CMT

“As more information (price date) is revealed, it seems more and more likely that the late April decline was a false break. There will surely be stubborn traders out there that hold on to shorts, which should fuel the move higher in the coming weeks.” The trade above 10050 leaves the late April decline as a confirmed false break. Weakness should be bought. Trendline resistance (off of the October and November 2011 highs) looms at 10100. 9900/25 is strong support.

LEVELS: 10160 10120 10060 9900/25 9799

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