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USDCAD Rally Has Legs

USDCAD Rally Has Legs

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Rally Has Legs

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 is 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.” Look higher even in the event of a dip below 10239.

LEVELS: 10220 10240 10270 10325 10350 10385

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