USD/CAD Breaks above Trendline Resistance
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 but near term structure (5 wave rally from 5/8 low and dip) suggests that an important low is in place.
LEVELS: 1.0829 1.0860 1.0905 | 1.0954 1.1001 1.1052
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