Canadian Dollar False Break an Opportunity
Prepared by Jamie Saettele, CMT
The USDCAD breakdown last week has nearly been completed retraced. One must respect the turnaround and consider the possibility that a thrust from a bearish triangle is complete. Interim resistance comes in at 9985 but the real test will be the confluence of the 50 day average and recent range high at 10050. A bullish bias is warranted against 9840.
Bottom Line – higher
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.