USD/CAD Angle May Disturb Uptrend
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 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).
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.