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USDCAD January Pivot Holds For Now

USDCAD January Pivot Holds For Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD January Pivot Holds For Now

Prepared by Jamie Saettele, CMT

The USDCAD nearly reached the 1/9 high of 10318 on Friday before turning lower. Like everything else, USD weakness should be viewed as countertrend but the specter of 5 waves up from 9799 suggests additional downside this week. Interim support is 10190 and stronger support is 10130/50.

LEVELS: 10070 10150 10190 10310 10425 10523

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