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
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