USD/CAD Goes Dormant Just above Trendline

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“The reaction lower after the test of the November high has dropped into support from the channel median line so upside resumption is possible immediately. The other level to be aware of for support is the 12/14 close at 1.3282. Much below there and I’d consider the potential for USD/CAD to fall apart.” It’s time to consider the possibility that USD/CAD falls apart. A break below the May-August trendline would suggest just that although 1.2850 should be watched for a reaction.