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FOREX Technical Analysis: USD/CAD Remains Pinned to Fibonacci Level

FOREX Technical Analysis: USD/CAD Remains Pinned to Fibonacci Level

2012-11-16 01:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDCAD_Remains_Pinned_to_Fibonacci_Level_body_usdcad.png, FOREX Technical Analysis: USD/CAD Remains Pinned to Fibonacci Level

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USD/CAD continues to press against the 38.2% retracement of the decline from the October 2011 high. The response at the retracement and the specter of 5 waves up from 9632 suggests that those banking on a breakout exercise extra caution.

FOREXTrading Strategy: A cautious bullish bias is warranted as long as price is above Monday’s 9984 low. A drop below would probably lead to a deeper correction of the rally from 9632 towards at least 9874. 10084 and 10159 come into play in the event of an extended advance.

LEVELS: 9947 9965 9984 10065 10084 10159

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

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