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FOREX Technical Analysis: USD/CAD Working Towards First Fib Level at 9894

FOREX Technical Analysis: USD/CAD Working Towards First Fib Level at 9894

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Working_Towards_First_Fib_Level_at_9894_body_usdcad.png, FOREX Technical Analysis: USD/CAD Working Towards First Fib Level at 9894

Chart Prepared by Jamie Saettele, CMT

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

FOREXTrading Strategy: Risk remains lower towards 9874, especially with price below 9991. Let the corrective decline from 10056 play out…we may have an opportunity to buy lower early next week.

LEVELS: 9835 9874 9894 9960 10009 10056

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

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