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USDCAD Short Term Triangle Thrust Has Reversal Implications

USDCAD Short Term Triangle Thrust Has Reversal Implications

2012-08-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Short Term Triangle Thrust Has Reversal Implications

Prepared by Jamie Saettele, CMT

The latest USDCAD thrust lower occurs following formation of a triangle. The implications are for a reversal and return to 9970. In the event that the near term reversal plays out, a rally above 10085 is still needed in order to suggest that the larger trend has reversed. “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 9885 9940 9970 10000

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