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USD/CAD Year Open Price at 1.3816 May be Resistance Now

USD/CAD Year Open Price at 1.3816 May be Resistance Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Year Open Price at 1.3816 May be Resistance Now

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

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