USD/CAD Follows Through on Reversal from Fibonacci Area

Daily

Chart Prepared by Jamie Saettele, CMT

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-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 !

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