USDCAD Enters Late August and Early September Congestion Zone
Prepared by Jamie Saettele, CMT
“The USDCAD is actually showing the most reversal evidence with a key reversal on 9/14 and large range day (indicating possible exhaustion) on 9/13. Probing 9800 for the 4th day in 5, expect a break and test of 9840 (2 extensions and former support). If the market doesn’t respond there, then 9930 is the next level. 9780-9800 is support.” The USDCAD traded through 9840 but faces a real test from the 23.6% retracement of the decline from 10657 and short term trendline (current level to 9874). 9930 is significant and reward/risk favors bears with each tick higher against that level.
LEVELS: 9725 9756 9820 9874 9900 9930
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.