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USD/CAD Breakout; Interim Resistance Near 1.3340

USD/CAD Breakout; Interim Resistance Near 1.3340

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Well, that didn’t work. I wrote last update that “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.” USD/CAD has gone straight up since the trendline hold and broke through a short term trendline today. In other words, evidence supports the idea that the move is higher…not lower.

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.