USD/CAD Finds Legs from January Congestion Zone
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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 has turned up from just above 1.1931. The turn higher is impulsive (5 waves), which suggests that this rally may have legs but the rate will face a test (resistance) at about 1.2175.
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