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USDCAD Retraces Half of Advance from April Low

USDCAD Retraces Half of Advance from April Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Retraces Half of Advance from April Low

Prepared by Jamie Saettele, CMT

The USDCAD is testing channel support and the 50% retracement of the advance from 9799. The 100% extension of the decline from 10446 is next in line at 10075. Finally, the April high is in line with the 61.8% retracement at 10050. In summary, 10050 to the current level is stacked with technical levels (support).

LEVELS: 10046 10075 10123 10230 10265 10315

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