USD/CAD Takes a Dive into Channel Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCAD has dropped into parallel channel support. The drop is sharp but a constructive bias is warranted as long as price is above the channel (and the 1.0082 low). Something that should worry bulls however is the extreme COT positioning.
FOREXTrading Strategy: Long, stop 1.0080, target 1.0400
LEVELS: 1.0001 1.0056 1.0103 1.0152 1.0213 1.0263