USD/CAD Important Low in Before Channel?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.” With USDCAD turning up before the channel, I’m wondering if a low is in place.
-The 200 day average is closing in on the breakout level from January (12/20 high) at 1.0736.
LEVELS: 1.0792 1.0834 1.0880 | 1.0915 1.0954 1.1001
--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.