USD/CAD Resistance Break Opens up 1.2400s
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 below 1.1931 (low was 1.1919). Today’s break above the median line opens up a run on former support from 1.2350 to 1.2447. The upper parallel is in the 1.2400s until May 26th.