Daily Bars

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