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FOREX Technical Analysis: USD/CAD Probes Trendline

FOREX Technical Analysis: USD/CAD Probes Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Probes_Trendline_body_usdcad.png, FOREX Technical Analysis: USD/CAD Probes Trendline

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The USDCAD rally from September is in 5 waves therefore the reversal in recent days should be respected. The most common retracement area following 5 wave movements is the former 4th wave, which comes in at 9874.

FOREXTrading Strategy: “I’m looking to short a bounce above parity against the high for a drop into at least 9874.” The USDCAD never made it to parity and risk remains lower towards 9874.

LEVELS: 9874 9920 9954 10009 10056 10084

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

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