USD/CAD – Big Decision Point
27 Oct 2016 20:26, GMTDaily
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-Parallels to the 2012 trendline have identified big turns in USD/CAD for some time. The parallel from the February 2014 high ended up providing support in May 2015 and May 2016. A parallel extended off of the October 2015 low (which also extends off of the October 2011 high) was resistance in May and the July low was a few ticks below the line. Loonie has been pressing into this line for much of this week. Bottom line; this is a big decision point for USD/CAD.
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.