USD/CAD Turns Down from Uptrend Resistance
Chart Prepared by Jamie Saettele, CMT
-“USDCAD has broken through resistance, indicating potential for the long term bull move to reassert.”
-“The cited support was never reached but the bull trend has reasserted. Watch the March high for support at 1.2834.”
-“This level (1.2834) was never reached either as USDCAD made low on 7/29 at 1.2860. Allowing for consolidation between here and the median line, look higher.” The last 4 days have touched uptrend resistance and declined. It may be time for USDCAD to take a breather. 1.3060 could provide initial support.