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USD/CAD Follows Through on Daily Reversal at Major Support

USD/CAD Follows Through on Daily Reversal at Major Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I wrote last Thursday that “I feel like giving up on USD/CAD so a low is probably close (learn to read yourself)…the next area of interest is probably mid-1.2400s.” A few trading days later and USD/CAD has already erased the prior week’s decline. The support line that held was former channel resistance, which was also support one year ago. Focus is higher.

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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