USD/CAD Drops into 55 Day Average
Chart Prepared by Jamie Saettele, CMT
-Today’s USD/CAD drop is threatening the lower bound of a short term channel. A decisive break below this technical barrier would suggest that weakness is impulsive and shift focus to the May-August trendline which is currently just under 1.3100. There is a lot for bears to crack here; the 55 day average pivot highs/lows since March cluster between 1.3260 and 1.3312.