USD/CAD Bounces from May-August Trendline
Chart Prepared by Jamie Saettele, CMT
-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. The May-August trendline has held but pay attention to 1.3000 for resistance. 1.2655 is of interest in the event of a break.