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FOREX Technical Analysis: USD/CAD Consolidating Gains at Trendline

FOREX Technical Analysis: USD/CAD Consolidating Gains at Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, FOREX Technical Analysis: USD/CAD Consolidating Gains at Trendline

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).” It’s possible that the decline from 10056 is complete in 3 waves. Still, price hasn’t been able extend beyond the 50% retracement of the decline from 10056 or trendline that extends off of the November and December highs.

FOREXTrading Strategy: Flat…there are opportunities all over the place but not here.

LEVELS: 9815 9849 9908 9970 10009 10056

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

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