USD/CAD Reacts at 50% Retracement of Drop From January
Chart Prepared by Jamie Saettele, CMT
-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).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.