USD/CAD Rally from Support is Promising
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “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. The level is one to pay attention to for a rebound.” The rate has turned up sharply and strength may be on the verge of completing an impulse from the low. The implication, especially when considering the presence of long term support under price, is bullish.