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USD/CAD – New High but More Here than Meets the Eye

USD/CAD – New High but More Here than Meets the Eye

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

USD/CAD – New High but More Here than Meets the Eye

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.” USD/CAD is pressing into a long term parallel, which has been a pivot since October 2015. This is a big decision point for Loonie.

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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