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USDCAD 9928 is Expected Resistance if Reached

USDCAD 9928 is Expected Resistance if Reached

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD 9928 is Expected Resistance if Reached

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 did not follow the weaker USD script and is nearing recent highs. As long as price remains below 9883, then a bearish outcome is possible but a break higher exposes 9928.

LEVELS: 9780 9810 9845 9883 9928 9986

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