USD/CAD Technical Confluence Near 1.1875
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.”
-“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.
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