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FOREX Technical Analysis: USD/CAD Carving a Base Before Well-Defined 9800

FOREX Technical Analysis: USD/CAD Carving a Base Before Well-Defined 9800

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Carving a Base Before Well-Defined 9800

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The 5 wave rally from 9632 does suggest that the trend is higher from that point. The goal now is to identify the secondary low (wave 2 or B). Price is consolidating around the 50% retracement of the rally from 9632 and a move above 9881 would break the series of lower lows. Until then, don’t rule out a test of 9800 (2 equal legs from 10056 comes in at 9810 and 61.8% retracement is at 9794).

FOREXTrading Strategy: Nothing.

LEVELS: 9717 9794 9826 9881 9933 9991

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

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