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USD/CAD Drops into 55 Day Average

USD/CAD Drops into 55 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.