USD/CAD Next Fibonacci Level is at 1.2280
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-USDCAD has pushed through the 2007 high at 1.1875, 61.8% extension of the 2007-2009 rally from the 2011 low at 1.1882, and several upward sloping parallels. Weakness under 1.1834 would suggest a pullback is underway. After 1.20, the next level of interest wouldn’t be until the 78.6% retracement of the decline from the 2009 high at 1.2280.
--Trading ideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.