USD/CAD Channel in Focus Before Housing Data

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Channel supports in USDCAD extend from about 1.0780 to 1.0860 (the recent low) this week. 1.0793 also represents the 61.8% extension of the first leg of the drop from the March high. Within the decline from the 4/23 high, a Fibonacci relationship rests at 1.0824. I’m inclined to look for a low at one of these levels.

LEVELS: 1.0813 1.0857 1.0880 | 1.0914 1.0954 1.1001

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