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USD/CAD Stuck Between Long Term Retracement and Short Term Trendline

USD/CAD Stuck Between Long Term Retracement and Short Term Trendline

2016-11-17 19:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Stuck Between Long Term Retracement and Short Term Trendline

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. The parallel has provided support, which favors the idea that the broader move is still higher. I wouldn’t consider the downside until/unless price dropped under 1.3262 (election reaction low).

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