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USD/CAD Technical Confluence Near 1.1875

USD/CAD Technical Confluence Near 1.1875

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“The manner in which USDCAD turned up from the June low (near long term trendline support) indicates resumption of the long term bull trend.”

-“USDCAD is consolidating above bullish lines. If the trend is still higher, then the rate should hold these lines”.

-USDCAD faces a confluence from the 2007 high at 1.1875, the 61.8% extension of the 2007-2009 rally from the 2011 low at 1.1882, and a near term upward sloping line.

--Trading ideas are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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