USD/CAD Uptrend Resumption? Beware of Downtrend Angle
Chart Prepared by Jamie Saettele, CMT
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-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 has ripped higher from the March high. If something bearish is underway from the long term Fibonacci level (61.8% of 2007-2002 decline), then resistance probably needs to come in near 1.33 (angle of previous downtrends).
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