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USDCAD Reverses Wednesday’s Gains at Trendline

USDCAD Reverses Wednesday’s Gains at Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Reverses Wednesday’s Gains at Trendline

Prepared by Jamie Saettele, CMT

“9930 is significant and reward/risk favors bears with each tick higher against that level.” The risk level for bears is now the Wednesday high. Currently at trendline support from the line that extends off of the 9/14 and 9/25 lows, a break exposes the 61.8% retracement of the rally from 9633 at 9719. Downside continuation through early October could reach longer term Fibonacci objectives at 9546/88.

LEVELS: 9667 9719 9768 9819 9845 9860

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

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