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USD/CAD Explodes off of Trendline

USD/CAD Explodes off of Trendline

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last note remarked that “USD/CAD focus remains on the May-August trendline, which is in line with 200 day average (1.3072). Intraday trend is getting stretched so longs may need to puke into the noted level before any relief can materialize. Weakness below that trendline would trigger a 7 month bearish wedge.” Relief? More like explode. USD/CAD nearly erased the first half December’s decline today. A bullish outlook outcome is possible as long as price is within the channel. If it breaks on the downside, then the bearish wedge is in play.

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