USD/CAD Influenced by Angle Resistance
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).” USD/CAD found resistance near the mentioned level, so a multi-month topping process is still possible.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.