USD/CAD Outside Daily Reversal
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. The next cluster of technical levels is between 1.25 and 1.2730.”
-Today’s outside day reversal at 1.25 (high was 1.2499) could indicate the beginning of a move lower. USDCAD put in a top last year on 1/31.
--Trading ideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.