Chart Prepared by Jamie Saettele, CMT
FOREXObservations: The USDCAD reversed just shy of the 38.2% retracement of the decline from the October 2011 high and slightly above where the rally from 9623 would consist of 2 equal waves. Expect a market response at these levels. The advance from 9623 channels in corrective fashion as well.
FOREXTrading Strategy Implications: Expect support from the channel and 10/24 low at 9888 if reached. However, the weight of evidence at this point is bearish. I favor selling strength. 9950 is initial resistance.
LEVELS: 9780 9826 9889 9950 9994 10019