USD/CAD Channel Overthrow and Pullback

Daily

Chart Prepared by Jamie Saettele, CMT

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-“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.

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