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FOREX Technical Analysis: USD/CAD Consolidates Sharp Decline

FOREX Technical Analysis: USD/CAD Consolidates Sharp Decline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_USDCAD_Consolidates_Sharp_Decline_body_usdcad.png, FOREX Technical Analysis: USD/CAD Consolidates Sharp Decline

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).” 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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