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USD/CAD Erases post-Jackson Hole Rally

USD/CAD Erases post-Jackson Hole Rally

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Erases post-Jackson Hole Rally

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent updates have noted 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” and that “the bearish wedge has triggered and resistance is being tested now in the form of a slope confluence.” The manner in which USD/CAD turned down from the well-defined 1.3140s warrants bearish consideration. A trendline is being tested now (near 1.2815). 1.2655 is of interest in the event of a break.

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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