USD/CAD Base Building for a Move Higher?
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.
-This latest advance failed shy of the month open (1.0854), and leaves near term conditions sideways to down but keep eyes on the channel just below.
LEVELS: 1.0790 1.0829 1.0860 | 1.0954 1.1001 1.1052
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