USD/CAD Former Resistance Line May Provide Support Near 1.21
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). 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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.