USD/CAD Small Key Reversal Day from 4 Month Low
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.” Last week’s rally failed just shy of 1.2175 (high was 1.2162). Respect downside risk as long as price is below the median line. In fact, consolidation since 4/29 may form a triangle.
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