USD/CAD Wedged Between Trendline and September Low pre-BoC
Chart Prepared by Jamie Saettele, CMT
-Previous comments remain valid. “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).”
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.