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USDCAD: Fib Extension Stalls Sellers After Support Break

By , Currency Strategist
19 March 2010 02:40 GMT


Strategy: Pending Long

USDCAD has broken through support near 1.0230, the intersection of a major double bottom and the lower boundary of a falling channel set from the swing high in February. Sellers were stalled at the 123.6% Fibonacci extension of the 01/14-02/05 rally (1.0090), with prices now re-testing the broken channel bottom. We do not see any actionable trading opportunities here at the moment and will remain on the sidelines until the pair yields a more attractive setup.

031810 CAD

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19 March 2010 02:40 GMT