USD/CAD Reverses at 5 Year Trendine
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: I wrote yesterday that “focus remains on a multiyear trendline at about 1.0420 this week. The 2012 high is 1.0446. 1.0420/46 may be difficult to penetrate on the first try.” After trading to 1.0420 on Wednesday, the USDCAD reversed and closed on the lows. Price is vulnerable.
FOREXTrading Strategy: Below 1.0306 would probably present an opportunity to sell a rally.
LEVELS: 1.0312 1.0345 1.0381 1.0420 1.0485 1.0577
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