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USD/CAD Under October Low; Heads Up on 1.2560s

USD/CAD Under October Low; Heads Up on 1.2560s

2016-04-12 19:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Under October Low; Heads Up on 1.2560s

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Today’s plunge negates recent evidence (key reversal and follow through, RSI divergence) that USD/CAD was basing for another move higher. The drop has extended below a well-defined horizontal level from the March 2015 high and October 2015 low at 1.2830. The next level of interest on the downside is probably the June 2015 high at 1.2560.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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