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USD/CAD Follows Through on Reversal from Fibonacci Area

USD/CAD Follows Through on Reversal from Fibonacci Area

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Follows Through on Reversal from Fibonacci Area

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-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.

-The median line, which was support for months, provided resistance at the high. That high is also a few pips shy of the mentioned long term Fibonacci retracement. USDCAD may have just made an important top. If you’re trading CAD right now, be aware of what Crude is doing!

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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