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USD/CAD Former Resistance Line May Provide Support Near 1.21

USD/CAD Former Resistance Line May Provide Support Near 1.21

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Former Resistance Line May Provide Support Near 1.21

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“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). The 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.

For more analysis and trade setups, visit SB Trade Desk

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