USD/CAD Recovery Not Inspiring
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The month open at 1.0840 continues to be tested. The rate needs to stay above this level (daily close) in order to maintain a constructive stance. If lower levels are seen then the 200 DMA comes into play.” After 1.0840 gave out, USDCAD has plunged. The 200 DMA didn’t do anything and the rate is back to its year open (1.0634). The July 2013 high intersects with long term trendline support at 1.0608 this week.
LEVELS: 1.0587 1.0608 1.0657 | 1.0705 1.0734 1.0763
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