USD/CAD False Breakdown: Heading Higher?
Chart Prepared by Jamie Saettele, CMT
-The angle of ascent since the 2014 low is extraordinary and the rate has traded into the 1995 and 1996 lows. The next measured level is the 161.8% extension of the March-May range at 1.3399. The 61.8% retracement of the 2002-2007 decline looms at 1.3462.
-Weakness (daily close) below the median line is needed to start looking lower. If you’re trading CAD right now, be aware of what Crude is doing!
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