USD/CAD Finds Legs from January Congestion Zone

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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 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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