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USDCAD 9980 and 9900 are of Interest

USDCAD 9980 and 9900 are of Interest

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD 9980 and 9900 are of Interest

Prepared by Jamie Saettele, CMT

The USDCAD has dropped to a new low for July and met channel support. A break below the channel shifts focus to several Fibonacci relationships. The 61.8% retracement of the advance from the May low at 10046, the 100% extension of the 10362-10148 decline at 9988, and the 161.8% extension of the 10446-10158 decline at 9897. The latter 2 levels are of particular interest given the intersection with the 4/23 and 5/2 highs.

LEVELS: 9897 9988 10046 10105 10140 10175

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

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