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USD/CAD Consolidates above Support

USD/CAD Consolidates above Support

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 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. The implication, especially when considering the presence of long term support under price, is bullish.

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

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