USD/CAD Still Probing Former Support Line
Chart Prepared by Jamie Saettele, CMT
-Recent updates have noted that “a positive USD/CAD bias is warranted whilst above 1.2834 but be aware that trade since the May low could compose a wedge that gives way to the next down leg within a bearish cycle from the January high…USD/CAD is nearing decision time. A break below the trendline near 1.2900 (but really 1.2834) would favor the bearish wedge interpretation.” The bearish wedge has triggered and the former wedge support line is being tested from below.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.