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USD/CAD Coiled for a Move-Resolution Awaits

USD/CAD Coiled for a Move-Resolution Awaits

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The contracting range indicates potential for a triangle from the high. Typically, a triangle will lead to a thrust in the direction of the preceding trend. In this case, that is bullish. Don’t be dogmatic though. A break of 1.2350 would open up a parallel as support near 1.2200.

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