USD/CAD Spikes Below 1.0200 Before Snapback

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eliottWaves_usd-cad_body_usdcad.png, USD/CAD Spikes Below 1.0200 Before Snapback

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The trendline that extends off of the May 2010 and October 2011 highs pinpointed the high last week. The USDCAD drop ended right at 1.0200 (just below the 20 day midpoint and 5/15 high at 1.0216/18). As long as price is below 1.0420, respect potential for a deeper correction of the advance from .9632. 1.0290 is estimated resistance.

FOREXTrading Strategy: Flat

LEVELS: 1.0067 1.0152 1.0200 1.0290 1.0349 1.0420

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