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FOREX Technical Analysis: USD/CAD Spikes into Fibonacci Support

FOREX Technical Analysis: USD/CAD Spikes into Fibonacci Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Spikes_into_Fibonacci_Support_body_usdcad.png, 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

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

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