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USD/CAD Monitoring Gartley Kickback
- 1H: The scenario in our earlier post did not materialize, and the 1.0550 high could not hold. (Refer to Daily Technical Update 11.12.2009 USD/CAD ).
- We see a second leg in this retracement, so we are not completely invalidating our bearish outlook, although it is starting to look weak.
- Still the 1.0600 area has not been tested. If it is broken and the break is aggressive, we may have to invalidate the bearish outlook, at least in the short-term as there is a possibility of testing the 1.6500 area which would coincide with the downsloping resistance.
Fan Yang
Currency Analyst,
Commodity Trading Advisor
