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USDCAD 10200 Remains Key to Short Term Trend

USDCAD 10200 Remains Key to Short Term Trend

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD 10200 Remains Key to Short Term Trend

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.” The USDCAD remains above 10200 but the breaks in the AUDUSD and NZDUSD (higher) may foreshadow what’s to come in this market. Weakness below 10200 would shift focus to 10120/50 (50% retracement of rally from 9799 and 100% extension of decline from 10446).

LEVELS: 10120 10150 10200 10265 10300 10325

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