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USD/CAD Successful Re-Test of Breakout Level is Bullish

USD/CAD Successful Re-Test of Breakout Level is Bullish

2016-05-19 19:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Successful Re-Test of Breakout Level is Bullish

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent comments noted that “USD/CAD reversed sharply last week. The low is at (exactly at) former channel resistance, which turned into support exactly one year ago (in May 2015)…the rate has pulled back and estimated support is between 1.2700 and 1.2830 (top of the zone has already been reached).” The low of the pullback ended up being 1.2771. Focus is higher while above 1.2910.

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

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