Canadian Dollar Coils
Prepared by Jamie Saettele, CMT
The USDCAD is nearing the top of its monthly range (which is small) of 10048. Resistance at 10048 is reinforced by the 100% extension of the rally from the low. 10050/75 is also a series of daily lows from December and January. Volatility is exceptionally low which is not conducive to breakouts so expect resistance to hold in the mentioned area.
Bottom Line – flat
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.