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2021-05-07 15:30:00
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USDCAD Tests July Low as Focus Shifts to Fibonacci Levels

USDCAD Tests July Low as Focus Shifts to Fibonacci Levels

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Tests July Low as Focus Shifts to Fibonacci Levels

Prepared by Jamie Saettele, CMT

The USDCAD is testing the July low at 10100. It’s best to treat USD weakness as corrective as long as price remains within the channel. A break below the channel would warrant consideration of something more bearish towards the May low. In any case, relationships of interest are the 61.8% retracement of the advance from the May low at 10046 and the 100% extension of the 10446-10159 decline at 9988.

LEVELS: 9988 10046 10075 10175 10220 10250

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

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