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USD/CAD 55 Day Average; Recent Support Turned Resistance

USD/CAD 55 Day Average; Recent Support Turned Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

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

-The most recent note remarked that “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).” USD/CAD bounced from 1.2834 and the rally has stalled at an interesting spot…just above the 50% retracement of the decline from the 9/29 high and the 55 day average (which was support…although not all that precise…on 9/18.

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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