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USDCAD Supports at 10050 and 9950

USDCAD Supports at 10050 and 9950

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Supports at 10050 and 9950

Prepared by Jamie Saettele, CMT

“After today’s reversal, it’s best to hold off on trading from the long side until proven correct on a move above 10250 or another leg lower (triple zigzag?) into the trendline that extends off of the 2011 and 2012 lows in the mid 9900s.” A new low was registered today thus focus is on the channel line at 10030 although 10050, defined by the 61.8% retracement of the rally from 9799 and the April high, may prove tough to crack.

LEVELS: 9950 10020 10046 10120 10140 10165

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