USD/CAD Turns Up Sharply from Slope Confluence

Daily

Chart Prepared by Jamie Saettele, CMT

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-“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.” The ‘breather’ lasted 1 day but Monday’s low is now the pivot (below would indicate a deeper decline is underway with support probably near 1.2783-1.2834).

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