USD/CAD Triangle Idea Gaining Traction
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.”
-“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.” The turn higher indicates potential for a triangle from the high.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.