FOREX Technical Analysis: USD/CAD Spikes into Fibonacci Support
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. The USDCAD reversed just under the 38.2% Fibonacci level at 9894 today. The drop may have completed the first wave of a 3 wave decline.
FOREXTrading Strategy: Currently at support, I’d look higher but with the expectation that strength proves corrective (there are far better opportunities right now in my opinion).
LEVELS: 9794 9835 9874 9960 9991 10009