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USD/CAD Trying to Find Legs from January Congestion Zone

USD/CAD Trying to Find Legs from January Congestion Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Trying to Find Legs from January Congestion Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“The USDCAD 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.”

-USDCAD turned up from just above 1.1931 (low was 1.1944). The turn higher is impulsive (5 waves), which suggests that this rally may have legs.

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