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USDCAD Inches Towards Fibonacci and 200 Day Average

USDCAD Inches Towards Fibonacci and 200 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Inches Towards Fibonacci and 200 Day Average

Prepared by Jamie Saettele, CMT

“The drop below 10200 shifts focus to 10120/50 (50% retracement of rally from 9799 and 100% extension of decline from 10446). Former support is now resistance at 10200 (now 10230) and a move above 10278 is needed to suggest that the trend is not down towards the mentioned levels (if those levels haven’t yet been reached).”

LEVELS: 10050 10120 10150 10230 10278 10300

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