USD/CAD Trades within Pips of Long Term Fibonacci Retracement
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 (which was perfect support on Friday) is needed to start looking lower. Until then, look higher. If you’re trading CAD right now, be aware of what Crude is doing!