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USD/CAD At Range Lows; Break Exposes 1.2180s

USD/CAD At Range Lows; Break Exposes 1.2180s

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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.”

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

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