Candian Dollar Technical Outlook

Published February 5th, 2008 - 07:13 GMT
Al Bawaba
Al Bawaba





The short term picture is clear.  The decline from 1.0378 is clearly a 5 wave decline and an a-b-c corrective rally is underway now towards 1.0117.  The next level of resistance is Fibonacci resistance at 1.0184.  Look for a top and reversal near these levels in order to position for a drop below .9755.

 
STRATEGY: Short in halves at 1.0119 and 1.0179, against 1.0385, target TBD (below .9755)