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USDCAD Reaches 2011 Late August Pivot

USDCAD Reaches 2011 Late August Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Reaches 2011 Late August Pivot

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.” The USDCAD slipped to 9713 today. 9765-9800 is now resistance and the trend is down against 9920. Levels that may come into play for an eventual bottom are the downward sloping channel and 100% extension at 9588.

LEVELS: 9635 9674 9710 9765 9790 9810

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.