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USD/CAD Pulls Back from Uptrend Resistance

USD/CAD Pulls Back from 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

-The last update noted that “USD/CAD is holding its breakout but be aware of an uptrend line above 1.40 as a potential stalling point. At the same time, support may be just below 1.3800 (also a slope line).” USD/CAD has since pulled back from 1.40 and turned higher again from 1.3815. The ‘uptrend line’ came into play again today (1/7). Still, weakness below 1.3815 is needed in order to change even the shortest term trend.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.