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USD/CAD in Freefall; Heads up on 1.2830s Though

USD/CAD in Freefall; Heads up on 1.2830s Though

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-USD/CAD is down for its 9th consecutive week (for the 5th time ever…all other instances were at the end of bear moves…this one is from a top so I’m unsure what to think). The final leg of the bull, from the October 2015 low of 1.2832, has nearly been retraced. This level is also the March 2015 high (March 18th to be specific…wouldn’t it be something if USD/CAD traded to exactly where it was one year ago). The level is one to pay attention to for a rebound.

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

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