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USDCAD Measured Levels from Triangle at 9859 and 9819

USDCAD Measured Levels from Triangle at 9859 and 9819

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Measured Levels from Triangle at 9859 and 9819

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.” Objectives for triangle breakouts can be measured by extending the widest part of the triangle (75 pips) from the break of the triangle 9894 or the end of the final leg within the triangle (9934). The objectives are 9859 and 9819. The former level has been reached. We’ve no way to know if this is the low but the information is worth considering in your strategy.

LEVELS: 9799 9819 9859 9882 9905 9940

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