USD/CAD Next Bull Leg Underway?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The manner in which USDCAD turned up from the June low (near long term trendline support) indicates resumption of the long term bull trend.
-“Near term trend is higher as long as price is above 1.0800 towards 1.1026/52 (Fibonacci and late April high) but recent action (key reversals and waning momentum) warn of a pullback from nearby. The pullback is underway so look for support from the 50%-61.8% retracements at 1.0764-1.0808.” The low was at 1.0810…look higher.
--Trading ideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.