USD/CAD Trying to Find Legs from January Congestion Zone

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“The USDCAD breakdown from a 2 and a half month topping pattern could ‘kick-off’ a much larger decline but near term focus is on early congestion from 1.1931 to 1.2046.”

-USDCAD turned up from just above 1.1931 (low was 1.1944). The turn higher is impulsive (5 waves), which suggests that this rally may have legs.

View additional analysis and receive trade ideas