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USDCAD Outside Day Reversal from Parity

USDCAD Outside Day Reversal from Parity

2012-08-01 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Outside Day Reversal from Parity

Prepared by Jamie Saettele, CMT

“The USDCAD pattern from the June 1 high is a complex correction. The overlapping of waves highlights the corrective nature while the extent highlights the complexity. Currently below channel support and exhibiting a completed impulse (5 waves) at a small degree of trend, expectations are for a partial retracement of the decline from 10231 before a low is registered later in August. 10110/40 is resistance.” Look into the mentioned 10110/40 over the next few days.

LEVELS: 10003 10023 10036 10060 10110 10140

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

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