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USD/CAD Channel Overthrow and Pullback

USD/CAD Channel Overthrow and Pullback

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

-“Despite extremely high RSI readings on the daily (above 85 the last several days), respect upside while above 1.42 (daily close basis). This level marks the top side of former channel resistance. A move back into the channel would suggest that trade in recent weeks was some sort of a ‘blow-off’ top.” USD/CAD has come right back into the channel. Again, weakness below would suggest that the cross is at risk of reversing sharply lower.

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.

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