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USDCAD Rockets off of Lows

USDCAD Rockets off of Lows

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Rockets off of Lows

Prepared by Jamie Saettele, CMT

The pop above 10278 leaves the USDCAD decline as a 3 wave (corrective affair). Like everything else, some sideways trading towards USD weakness is probably in store for the next few days. In fact, we can’t completely dismiss lower levels (below 10158) until the advance from 10158 unfolds as an impulse. The count from the top does make sense though, which all we can go on for now. I prefer to allow the market to tip its hand (complete 5 up or don’t) before doing anything.

LEVELS: 10175 10230 10265 10300 10350 10385

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