USD/CAD Still Bouncing around Late 2015 Consolidation Zone
Chart Prepared by Jamie Saettele, CMT
-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.