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USD/CAD Trendlines Near 1.2975 and 1.3280 before Jobs Data

USD/CAD Trendlines Near 1.2975 and 1.3280 before Jobs Data

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 “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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