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USD/CAD Still Probing Former Support Line

USD/CAD Still Probing Former Support Line

2016-08-25 21:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Still Probing Former Support Line

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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.

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