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USDCAD Enters Late August and Early September Congestion Zone

USDCAD Enters Late August and Early September Congestion Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Enters Late August and Early September Congestion Zone

Prepared by Jamie Saettele, CMT

“The USDCAD is actually showing the most reversal evidence with a key reversal on 9/14 and large range day (indicating possible exhaustion) on 9/13. Probing 9800 for the 4th day in 5, expect a break and test of 9840 (2 extensions and former support). If the market doesn’t respond there, then 9930 is the next level. 9780-9800 is support.” The USDCAD traded through 9840 but faces a real test from the 23.6% retracement of the decline from 10657 and short term trendline (current level to 9874). 9930 is significant and reward/risk favors bears with each tick higher against that level.

LEVELS: 9725 9756 9820 9874 9900 9930

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

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