FOREX Technical Analysis: USDCAD Approaching August High
Chart Prepared by Jamie Saettele, CMT
FOREXObservations: The USDCAD is approaching the 38.2% retracement of the decline from the October 2011 high and August high at 10084. Expect a market response at these levels.
FOREXTrading Strategy Implications: “The market’s response before support is promising. Market risk remains higher for a break towards 10024 but perhaps in just a terminal thrust from a triangle.” Now that the mentioned level is just about reached, expect a pullback. 9940/70 is support.
LEVELS: 9918 9943 9976 10024 10084 10100
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.