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USD/CAD Tags December Low; Could See Bigger Bounce

USD/CAD Tags December Low; Could See Bigger Bounce

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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 the rate has turned up after taking out the December low. Respect potential for a rally to materialize from the current level.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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