USD/CAD Former Resistance Serves as Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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).” This rally is probably a 3rd or C wave. Levels of interest are 10223 (where the rally from 9633 would consist of 2 equal legs) and 10266 (61.8% of decline from 10657). Trend and channel lines intersect in mid-February near these levels, which are also defined by pivot high from July.
FOREXTrading Strategy: Long against 9902.
LEVELS: 9836 9903 9946 10004 10061 10099
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