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USDCAD Near Term Objective at 10360

USDCAD Near Term Objective at 10360

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Near Term Objective at 10360

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.” Near term action confirms the bull case and price ideally stays above 10165 on its way to 10360 (161.8% extension of 10100-10221 / 10165 and 6/28 high). A major bullish breakout is certainly possible in the coming weeks given the alignment of longer term moving average (on the chart is the 20, 60, and 240 day averages…roughly 1 month, 3 months, and 1 year).

LEVELS: 10130 10165 10200 10230 10285 10360

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