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USD/CAD Dips into August Low; Look to Short the Rebound

USD/CAD Dips into August Low; Look to Short the Rebound

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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

-“The median line, which was support for months, provided resistance at the high. That high is also a few pips shy of the long term Fibonacci retracement (1.3462). USDCAD may have just made an important top. If you’re trading CAD right now, be aware of what Crude is doing !”

-“Be aware of 1.2950 (August low) and 1.2834 (March high) as bounce levels.” Focus on the 1.3115-1.3209 zone for selling bounces from this region (low so far is 1.2900 so the ‘bounce’ may be underway).

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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