USD/CAD Breaks Parallel Channel Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDCAD broke below parallel channel support and to its lowest level in over 2 months. Currently holding downward sloping channel support, a few days of consolidation is probably needed in order to correct a sharp 4 day decline. The underside of the broken channel line is potential resistance. Something that should worry bulls however is the extreme COT positioning.
FOREXTrading Strategy: Flat
LEVELS: .9932 1.0001 1.0056 1.0122 1.0170 1.0206