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FOREX Technical Analysis: USDCAD Trades at Top of Range

FOREX Technical Analysis: USDCAD Trades at Top of Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Trades_at_Top_of_Range_body_usdcad.png, FOREX Technical Analysis: USDCAD Trades at Top of Range

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.” The USDCAD may be completing a corrective advance from 9874.

FOREXTrading Strategy Implications: I still favor selling strength as per the 3 wave structure of the rally from 9632. I wrote yesterday to “be extremely picky with the trigger on this one given the bullish USDOLLAR pattern (wait for 9993). AUDCAD may be a better option.” I took a short today on USDCAD at 9995, which make me short (synthetically) AUDCAD (AUDUSD short and USDCAD short).

LEVELS: 9826 9874 9938 9994 10019 10084

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