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FOREX Technical Analysis: USD/CAD Just Pips From December Low

FOREX Technical Analysis: USD/CAD Just Pips From December Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Just Pips From 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).” The lack of clarity mentioned in recent days may be clearing up with the USDCAD just several pips from the December low. Weakness below would shift focus to 9794 (Fibonacci level) and the 100% extension of the decline from the November at 9740. Watch channel support as well (if reached).

FOREXTrading Strategy: Nothing here but look at AUDCAD, which is testing trendline resistance.

LEVELS: 9764 9795 9825 9850 9880 9923

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

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