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USD/CAD Still Channel Surfing

USD/CAD Still Channel Surfing

2016-11-03 21:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Still Channel Surfing

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 almost 2 weeks. Bottom line; this is a big decision point for USD/CAD.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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