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USD/CAD Major Breakdown Triggered

USD/CAD Major Breakdown Triggered

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Major Breakdown Triggered

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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.

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

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