Canadian Dollar Chop Continues
Prepared by Jamie Saettele, CMT
The USDCAD continues to respect channel support and now the 200 day average is in the mix. The trend is considered down as long as price is below 10048 and focus remains on the October low (and 61.8% retracement of the rally from the 2011 low) just below 9900. Exceeding 10048 would shift focus to January pivots at 10140/60.
Bottom Line – flat
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.