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Forex Technical Analysis: USDCAD Outside Day at Late August High

Forex Technical Analysis: USDCAD Outside Day at Late August High

2012-10-23 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Forex Technical Analysis: USDCAD Outside Day at Late August High

Chart Prepared by Jamie Saettele, CMT

Forex Observations: The USDCAD traded to its highest level since 8/8 but closed near the lows for a second consecutive day. RSI holding above 40 at the recent closing low (10/8) is one piece of evidence that suggests a more important turn. 9844/77 is now support with 9763 serving as the pivot (above is bullish).

Forex Trading Strategy Implications: Allowing for a dip to mentioned support, market risk is higher towards 10024 and 10260.

LEVELS: 9763 9844 9877 9976 10024 10084

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