FOREX Technical Analysis: USD/CAD Fibonacci and Channel at Lower Levels

DailyFX

Daily Bars

View photo

.
FOREX_Technical_Analysis_USDCAD_Fibonacci_and_Channel_at_Lower_Levels_body_usdcad.png, FOREX Technical Analysis: USD/CAD Fibonacci and Channel at Lowe...

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The USDCAD rally from September is in 5 waves therefore the reversal should be respected. The most common retracement area following 5 wave movements is the former 4th wave, which comes in at 9874.” Price has already dropped beneath 9874. The 50% and 61.8% retracements come in at 9844 and 9794. The latter level intersects with a downward sloping channel on Thursday.

FOREXTrading Strategy: The USDCAD appears extended to the downside intraday and may get a bounce but I’m on the lookout for a reversal from slightly lower levels.

LEVELS: 9717 9794 9844 9905 9954 10009

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)