USD/CAD Explodes off of Trendline
Chart Prepared by Jamie Saettele, CMT
-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.
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