Members login
Canadian Dollar Trades Sideways
Written by article default Tuesday, 21 September 2010 18:25
The USDCAD continues to respect its summer range. The June, July, and August highs all occurred within several pips of 10680. A close look at the USDCAD rally from 10105 reveals that the advance is an impulse (5 waves), therefore the larger trend is up. 10245 (current level) is potential support. The structure of the decline from 10670 at this point is a double zigzag. Reinforcing the bullish bias is the specter of a potential inverse head and shoulders (see circles). 10680 serves as the neckline.
Click here to learn more about DailyFX.