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FOREX Technical Analysis: USD/CAD Sinks Below 11/7 Low

FOREX Technical Analysis: USD/CAD Sinks Below 11/7 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Sinks_Below_117_Low_body_usdcad.png, FOREX Technical Analysis: USD/CAD Sinks Below 11/7 Low

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.” Price has already dropped beneath 9874. The 50% and 61.8% retracements come in at 9844 and 9794. The latter level intersects with a downward sloping channel on Thursday.

FOREXTrading Strategy: The USDCAD appears extended to the downside intraday and may get a bounce but I’m on the lookout for a reversal from slightly lower levels.

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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