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FOREX Technical Analysis: USD/CAD Focus Remains Fibonacci Level Near 9800

FOREX Technical Analysis: USD/CAD Focus Remains Fibonacci Level Near 9800

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Focus Remains Fibonacci Level Near 9800

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 and probed the 50% retracement of the rally from 9632 today (closing right at the level). The 61.8% at 9794 intersects with a downward sloping channel on Thursday.

FOREXTrading Strategy: I’m still on the lookout for a reversal from slightly lower levels.

LEVELS: 9717 9794 9826 9905 9954 10009

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

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