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USD/CAD Still Trading on Former Resistance Levels

USD/CAD Still Trading on Former Resistance Levels

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “USD/CAD has topped and is heading lower. 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.” The only new observation of note is that 1.3350-1.3450 (August and September highs) is former resistance and may provide support for a bounce/consolidation.

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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