USD/CAD Trendlines Near 1.2975 and 1.3280 before Jobs Data
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 1.2975) would be viewed in a bearish light. Until then, USDCAD is still constructive.
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