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
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