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USD/CAD Rebound Stalls at Mid-December High

USD/CAD Rebound Stalls at Mid-December High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Rebound Stalls at Mid-December High

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 and stabilized around the year open. The trendline that crosses the May, June, and October lows could provide support near 1.3560. If that breaks, then there is nothing significant until below 1.31. Strength above 1.4016 (2/11 high) would negate near term bearish implications.

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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