USD/CAD Challenges Near Term Range Highs
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.”
-The rate has responded to a major confluence of trendlines. The next bull leg in USDCAD may be underway.
LEVELS: 1.0829 1.0850 1.0880 | 1.0920 1.0954 1.1000
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