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FOREX Technical Analysis: USDCAD 9888 is of Interest Near Term

FOREX Technical Analysis: USDCAD 9888 is of Interest Near Term

2012-11-07 01:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCAD_9888_is_of_Interest_Near_Term_body_usdcad.png, FOREX Technical Analysis: USDCAD 9888 is of Interest Near Term

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDCAD reversed just shy of the 38.2% retracement of the decline from the October 2011 high and slightly above where the rally from 9623 would consist of 2 equal waves. Expect a market response at these levels. The advance from 9623 channels in corrective fashion as well.

FOREXTrading Strategy Implications: Expect support from the channel and 10/24 low at 9888 if reached. However, the weight of evidence at this point is bearish. I favor selling strength. 9950 is initial resistance.

LEVELS: 9780 9826 9889 9950 9994 10019

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