USDCAD Reaches Confluence of Trendline and Measured Levels
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 9935 9988 10024 10084