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USD/CAD Still Bouncing around Late 2015 Consolidation Zone

USD/CAD Still Bouncing around Late 2015 Consolidation Zone

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent updates 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 (generally speaking, 1.32-1.33) was consolidation in late 2015 before the blowout). Respect potential for a rally and/or consolidation to materialize from the current level.

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.