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USD/CAD at 5 Month Trendline; Breakdown Targets 1.2720s

USD/CAD at 5 Month Trendline; Breakdown Targets 1.2720s

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD at 5 Month Trendline; Breakdown Targets 1.2720s

Chart Prepared by Jamie Saettele, CMT

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

-USD/CAD has plummeted from several pips shy of the long term Fibonacci retracement at 1.3462 (61.8% retracement of 2002-2007 decline). The current juncture, defined by the March high at 1.2834 and a slope level near 1.2720, could influence for a bounce but the larger trend has changed (it’s down).

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

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