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USD/CAD Consolidates Under Uptrend Resistance

USD/CAD Consolidates Under Uptrend Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-“USD/CAD is holding its breakout but be aware of an uptrend line just above 1.40 as a potential stalling point. At the same time, support may be just below 1.3800 (also a slope line). It’s worth noting that the 2004 high is 1.4003.” USDCAD has pulled back from 1.40. 1.3750 could provide support but weakness below there would start to suggest more of a topping process.

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.