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USD/CAD Bearish Outside Day Following the Gap Fill

USD/CAD Bearish Outside Day Following the Gap Fill

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Bearish Outside Day Following the Gap Fill

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The trend has been higher since the May lows but the overlapping nature of the advance warns that the entire move is corrective (wedge aka diagonal triangle). The May-August trendline, which held earlier this month, is the trigger line for a pattern breakdown. The late March high at 1.3296 has been tested twice in the last 5 trading days with today’s test also filling last Friday’s previously uncovered close (weekend gap).

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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