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USDCAD Support Line and August 2011 Low in Focus

USDCAD Support Line and August 2011 Low in Focus

2012-09-10 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Support Line and August 2011 Low in Focus

Prepared by Jamie Saettele, CMT

The USDCAD is trading virtually unchanged from the levels it traded at one year ago. The latest drop in the USDCAD is probably a triangle. Triangles are typically terminal patterns, meaning that they occur before the last move in a trend. An objective can be calculated by extending the width of the triangle (in price) from the breakout point. In this situation, the objective is 9736 (9842-(9948-9842)). The 8/31/11 low at 9724 reinforces this area as a potential pivot.

LEVELS: 9635 9674 9725 9905 9940 9970

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