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USDCAD Reverses after Test of Fibonacci Resistance

USDCAD Reverses after Test of Fibonacci Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Reverses after Test of Fibonacci Resistance

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. The decline from 9884 is impulsive, suggesting that a test of 9632 is in the cards. Strength into the 61.8% at 9827 would present a higher reward/risk opportunity against 9883.” The USDCAD reversed just above the Fibonacci level (high was 9835). Look lower.

LEVELS: 9632 9675 9734 9834 9883 9930

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

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