Forex Technical Update June 29, 2010 USD/CAD to Complete Gartley at 1.0650
- Daily and 4H: The Canadian Dollar has been very weak. Looking at the daily chart, we see the market supported at 1.0138, 78.6% retracement of the rally from below parity. There was a positive reversal setup, and the RSI stayed above 40.
- These are bullish signals. Reversal signals came from a piercing patter that bounced off of the 78.6% retracemen. Then price action confirmed. There was some stalling near the 1.04 area, but the market has continued the short to intermediate term uptrend today.
- The 4H chart shows that this current rally, may run out of steam near the 1.0650 area, a swing projection, and also suggesting a completion of a Gartley.
- This is between the 61.8% and 78.6% retracement.
- A bearish attempt may come from there. The USD/CAD seems to be entering a sideways ranging period, instead of the choppy downtrending period it was in for much of 2009 and early 2010.
Fan Yang Currency Analyst Commodity Trading Advisor
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