USD/CAD Major Breakdown Triggered
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“USDCAD is either consolidation before another push higher or forming an important top. There is no way to know what the outcome will be ahead of time but a break below trendline support (formerly resistance…the market is at it now) would begin to shift focus to the downside.” The breakdown from a 2 and a half month topping pattern could ‘kick-off’ a much larger decline but near term focus is on early congestion from 1.1931 to 1.2046.
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