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USD/CAD 1.2180s Could Provide Support

USD/CAD 1.2180s Could Provide Support

2015-02-05 21:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD 1.2180s Could Provide Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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.”

-USDCAD nearly traded 1.28 on January 30th (the rate put in a top last year on the 31st) and has since retraced everything since 1/23. 1.2180 (38.2% of rally from November low) may provide important support for another rally attempt. Near term, 1.2640 is resistance.

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