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USD/CAD Reacts at 50% Retracement of Drop From January

USD/CAD Reacts at 50% Retracement of Drop From January

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

USD/CAD Reacts at 50% Retracement of Drop From January

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-After pressing into a long term parallel for 2 weeks, USD/CAD broke higher. The rally has stalled at the 50% retracement of the decline from the January high however. If the broader move is higher, then the parallel (previously resistance) should provide support (which is now). I wouldn’t consider the downside until/unless price dropped under 1.3262 (election reaction low).

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