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FOREX Technical Analysis: USD/CAD Plunges but Holds December Low

FOREX Technical Analysis: USD/CAD Plunges but Holds December Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Plunges_but_Holds_December_Low_body_usdcad.png, FOREX Technical Analysis: USD/CAD Plunges but Holds December Low

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.” Near term pattern (since the December low) isn’t especially clear. The case can be made for an impulsive interpretation of both the rally from 9824 and the decline from 9971. In other words, that evidence is of no use right now. It’s best to wait for clarification.

FOREXTrading Strategy: Nothing for now.

LEVELS: 9717 9794 9825 9907 9971 10009

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

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