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USD/CAD Largest 5 Day Decline Since October 2009

USD/CAD Largest 5 Day Decline Since October 2009

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

-The last update noted that “a move back into the channel would suggest that trade in recent weeks was some sort of a ‘blow-off’ top.” USD/CAD has traded back into the channel, which suggests that suspicions of a blow-off top were correct. The implication is that USD/CAD has topped and is heading 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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