News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Breaking news

UK Prime Minister Boris Johnson Resigns

FOREX Technical Analysis: USDCAD Faces Resistance at 9993

FOREX Technical Analysis: USDCAD Faces Resistance at 9993

Jamie Saettele, CMT, Sr. Technical Strategist

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES