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DAILY FORECAST FOR USDCAD

By:

FX-Forecaster

2008-21-12

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Bias: While 1.12115-25 caps I still have a slight preference for losses to
1.1756

Losses developed but then bounced from just below the 1.1833 support and this has caused some doubts over the wave structure. If we are to see a further decline we shall need the 1.2115-25 resistance to cap. Given the uncertainty I feel that we should now wait for loss of 1.1979 which would generate follow-through to the 1.1923-45 area. In turn this should break for another leg lower to the 1.1856-84 support which could hold in a consolidation. Thus final confirmation of new lows comes on breach of 1.1856 to see 1.1756.

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Ian Copsey is a veteran technician having begun his career in Foreign Exchange over 25 years ago. His book “Integrated Technical Analysis” has been read by over 4,000 readers worldwide.

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