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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


USD/CAD Flatlines Just Above Long Term Support Lines

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I feel like giving up on USD/CAD so a low is probably close (learn to read yourself). “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 and the June 2015 high at 1.2560.” The next area of interest is probably mid-1.2400s.

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.