USDCAD Tests July Low as Focus Shifts to Fibonacci Levels
240 Minute Bars
Prepared by Jamie Saettele, CMT
The USDCAD is testing the July low at 10100. It’s best to treat USD weakness as corrective as long as price remains within the channel. A break below the channel would warrant consideration of something more bearish towards the May low. In any case, relationships of interest are the 61.8% retracement of the advance from the May low at 10046 and the 100% extension of the 10446-10159 decline at 9988.
LEVELS: 9988 10046 10075 10175 10220 10250