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USDCAD Holds Short Term Fibonacci Retracement

USDCAD Holds Short Term Fibonacci Retracement

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Holds Short Term Fibonacci Retracement

Prepared by Jamie Saettele, CMT

“The USDCAD traded 9 pips below the 6/7 low on Sunday night before reversing sharply. Support at the low is reinforced by the 20 day average and 5/29 low. The RSI reversal signal is also bullish. 10360 is the first level that could provoke a reaction.” There is no change other than to note that the USDCAD slipped just below the 61.8% retracement of the rally from 10200 before reversing on Wednesday. That is a bullish tendency but 10200 remains key.

LEVELS: 10150 10200 10240 10300 10355 10445

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