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FOREX Technical Analysis: USDCAD Approaching August High

FOREX Technical Analysis: USDCAD Approaching August High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, 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.