USD/CAD Near Term Focus is on May-August Support Line

Weekly

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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.” The short term channel has been decisively broken therefore focus is lower towards the mentioned trendline. Weakness below that trendline would trigger a 7 month bearish wedge.