USD/CAD Erases January Rally

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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.” Loonie has erased all of January’s rally. The trendline that crosses the May, June, and October lows could provide support near 1.3500. If that breaks, then there is nothing significant until below 1.31.

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