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USDCAD Measured Level at 9859 Holding For Now

USDCAD Measured Level at 9859 Holding For Now

2012-08-20 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Measured Level at 9859 Holding For Now

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 and held for several days, increasing confidence in the call for a turn.

LEVELS: 9799 9819 9859 9905 9940 9970

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