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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


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

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