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USDCAD Slams into Short Term Channel Resistance

USDCAD Slams into Short Term Channel Resistance

2012-06-28 21:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Slams into Short Term Channel Resistance

Prepared by Jamie Saettele, CMT

“3 waves down from 10446 and 5 waves up from 10158 warrants a bullish USDCAD stance against 10158 towards 10446. Support is defined by 6/20 high at 10231 and 50%-61.8% retracements of the 10158-10318 rally at 10219/38. I expect formation of a secondary low this week.” The USDCAD took off from 10231 and has already reached short term channel resistance and 6/8 high. Still, focus is higher into the 100% extension of the 10158-10317 rally at 10390.

LEVELS: 10230 10265 10300 10390 10445 10500

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