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USDCAD Nears Support Shelf Below 9950

USDCAD Nears Support Shelf Below 9950

2012-08-07 22:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Nears Support Shelf Below 9950

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. 9935/45 should be exceptionally strong. This level is defined by several 100% extensions (equality of zigzags) and the 78.6% retracement of the advance from 9799. The trendline that extends off of the 2011 and 2012 lows crosses roughly 9950 this week as well. I am on the lookout for a bottom and reversal.

LEVELS: 9799 9903 9945 9993 10024 10084

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