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USDCAD Takes Out January High

USDCAD Takes Out January High

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Takes Out January High

Prepared by Jamie Saettele, CMT

The USDCAD took out the 1/9 high today to confirm an intrayear reversal for 2012. Like everything else, USD weakness should be viewed as countertrend and traders ought to look to identify support in early June. 10205/60 are levels to keep in mind. Notice the 2 potentially powerful 2 year inverse head and shoulders pattern. The neckline is at about 10565 this month.

LEVELS: 10150 10205 10260 10423 10523 10657

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