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USD/CAD – More Shenanigans around the 200 Day Average

USD/CAD – More Shenanigans around the 200 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist


USD/CAD – More Shenanigans around the 200 Day Average

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 was tested twice last week which warned that the top was in but the turn ahead of 1.3000 leaves range highs at risk once again.

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.