USD/CAD Drops into Well-Defined Support Zone
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCAD has dropped into a well-defined support zone from the late January and mid-February highs, 38.2% Fibonacci and confluence of trend / channel lines. Remember, bigger picture trend is sideways as a triangle from the 2011 low is a distinct possibility. That would mean lower prices from here but the path could be choppy since triangles are corrective. It’s not a great environment for trading.
FOREXTrading Strategy: Flat
LEVELS: .9987 1.0018 1.0070 1.0133 1.0180 1.0235