Canadian Dollar Steep Trendline in Play
Prepared by Jamie Saettele, CMT
The USDCAD has spent the last 3 days in a tight range (within the 2/3 bar). Price continues to respect channel support and the 200 day average on the downside and steep trendline resistance on the upside. 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
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