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FOREX Technical Analysis: USD/CAD Poised for a Break Lower

FOREX Technical Analysis: USD/CAD Poised for a Break Lower

2013-01-14 00:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Poised for a Break Lower

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).” Weakness from here 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: Look lower as long as price is below 9884 towards 9740.

LEVELS: 9740 9764 9815 9865 9884 9923

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