USD/CAD Rolls Over; Monitor for Trendline Break
Chart Prepared by Jamie Saettele, CMT
-The most recent note remarked that “USD/CAD has ripped 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).” Selling pressure has intensified prior to 1.33. As such, a break below trendline support (near 1.2950) would be viewed in a bearish light.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.