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USDCAD First Up Day After 6 Down Days

USDCAD First Up Day After 6 Down Days

2012-08-13 22:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD First Up Day After 6 Down Days

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, defined by several 100% extensions (equality of zigzags) and the 78.6% retracement of the advance from 9799, didn’t give much of a fight (to my surprise). The trendline that extends off of the 2011 and 2012 lows crosses has failed as well. Weekly and daily RSI are at levels consistent with long term support as well. The next several days’ action in the USDCAD is paramount to gauging the next large move.

LEVELS: 9799 9850 9903 9940 9970 10000

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

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