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USD/CAD Flatlines Just Above Long Term Support Lines

USD/CAD Flatlines Just Above Long Term Support Lines

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to recent USD/CAD comments. “The recent plunge negates evidence (key reversal and follow through, RSI divergence) that USD/CAD was basing for a 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

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

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