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USD/CAD 1.2180s Could Provide Support

USD/CAD 1.2180s Could Provide Support

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“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.

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

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