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