Canadian Dollar Technical Outlook

Published April 17th, 2009 - 06:42 GMT
Al Bawaba
Al Bawaba

I am presenting a slightly relabeled count on the USDCAD.  The implications are bullish as this count anticipates wave 5 within the advance from .9055.  The decline from 1.3068 is in 3 waves (to this point) and has found support at the 4th wave of one less degree (1.2020).  Additional weakness should find support at 1.1861 (100% extension) but it is also possible that a low is already in place at 1.197