USD/CAD Rebound Stalls at Mid-December High
Chart Prepared by Jamie Saettele, CMT
-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.
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