Canadian Dollar Whipsaws Traders
Prepared by Jamie Saettele, CMT
Yesterday’s commentary was “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.” The sharp reversal keeps focus on the downside towards lows in September and August at 9775 and 9725.
Bottom Line – flat
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