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USD/CAD 20 Day Average Hold Seen as a Positive

USD/CAD 20 Day Average Hold Seen as a Positive

2016-11-22 20:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD 20 Day Average Hold Seen as a Positive

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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