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USD/CAD - Consolidating Recent Losses, More To Come?

USD/CAD - Consolidating Recent Losses, More To Come?

Paul Robinson,

Talking Points:

  • USDCAD consolidating after initial sell-off from recent highs
  • Symmetrical triangle forming on the 1-hr chart; needs a little more time to complete
  • A move below 12350 will confirm a breakdown, with a target set at 12160

The January rally in the Canadian Dollar was larger than the entire range of 2014. This parabolic rise last month in USDCAD has left it vulnerable to a deeper correction. Thus far, the recent move off the highs has been resolved with a consolidation, quickly taking the shape of a triangle (1-hr timeframe). With a breakdown below the under-side trend-line (~12400) and the swing low set on 2/3 (12350), I will have my eyes on a move towards 12160.

USDCAD 1-hr: Jan ’14 - Present

--- Written by Paul Robinson, DailyFX Research

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.