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Canadian Dollar Testing 20 day Average
Written by article default Wednesday, 08 June 2011 08:36
Daily Bars
Prepared by Jamie Saettele, CMT
The USDCAD is testing the 20 day average as support today. The pullback presents a long opportunity against 9654. A look at the monthly reveals a harami candle pattern (reversal) as well. An alternate treats the rally from the low as a leading diagonal pattern. The implications would be for a sharp decline below 9654 before a secondary low forms.
Support/Resistance Index (M,W,D) – 0, 1, 0
Click here to see outlooks for the rest of the USD majors.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .