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USDCAD 10160 Viewed as Support

USDCAD 10160 Viewed as Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD 10160 Viewed as Support

Prepared by Jamie Saettele, CMT

The USDCAD reversed from the confluence of channel support and the 50% retracement of the advance from 9799. As is the case across the board, USD strength is favored as long as last week’s USD low is in place. In this case, that is 10100. Failure to remain above that level would shift focus to “the 100% extension of the decline from 10446 at 10075 and then the April high / 61.8% retracement at 10050.” Near term support is 10160.

LEVELS: 10046 10100 10160 10230 10300 10362

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