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FOREX Technical Analysis: USDCAD Faces Resistance at 9993

FOREX Technical Analysis: USDCAD Faces Resistance at 9993

2012-11-08 01:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCAD_Faces_Resistance_at_9993_body_usdcad.png, FOREX Technical Analysis: USDCAD Faces Resistance at 9993

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The USDCAD reversed sharply from channel support, which is reinforced by the 38.2% retracement of the rally from 9632 at 9871. Additional resistance is expected at 9994. The rally from 9632 is in 3 waves.

FOREXTrading Strategy Implications: I still favor selling strength as per the 3 wave structure of the rally from 9632. Be extremely picky with the trigger on this one given the bullish USDOLLAR pattern (wait for 9993). AUDCAD may be a better option.

LEVELS: 9826 9874 9938 9994 10019 10084

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