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USDCAD Reversal in front of 9930 Keeps Longer Term Trend Intact

USDCAD Reversal in front of 9930 Keeps Longer Term Trend Intact

2012-10-04 22:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Reversal in front of 9930 Keeps Longer Term Trend Intact

Prepared by Jamie Saettele, CMT

9930 remains the key bigger picture trend level. The sharp reversal in front of that level and the choppy (not impulsive) character of the advance from 9632 suggests that we consider at least a deep retracement of the recent rally if not a resumption of the larger downtrend. 9830 is near term resistance.

LEVELS: 9717 9728 9788 9830 9850 9870

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

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