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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

The USDCAD is testing former support (now resistance) for the 4th consecutive day. The market has probably accumulated a large number of shorts and corresponding stops above 9860. As such, a breakout strategy is warranted on trade above the 9/26 high (9860) against 9780 and towards 9930. Failure to exceed 9860 keeps the range intact with the listed levels as support.

LEVELS: 9675 9725 9780 9860 9912 9930

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

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