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USDCAD Reverses Sharply from Significant Resistance

USDCAD Reverses Sharply from Significant Resistance

2012-09-20 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Reverses Sharply from Significant Resistance

Prepared by Jamie Saettele, CMT

“The USDCAD is actually showing the most reversal evidence with a key reversal on Friday and large range day (indicating possible exhaustion) on Thursday. Still, the pivot is 9918 and the trend is considered down against that level. Resistance is expected at 9779 (2 equal legs from the low) and 9808 (former support). The 100% extension of the decline from 10657 remains of interest at 9588.” The USDCAD popped into 9815 today before reversing sharply. It’s significant that bulls were rejected by the 9/6 low, April low, and 20 day average. Look lower.

LEVELS: 9580 9632 9724 9786 9815 9842

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

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