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USD/CAD Channel Breakdown Underway

USD/CAD Channel Breakdown Underway

2017-01-12 19:13:00
Jamie Saettele, CMT, Sr. Technical Strategist


USD/CAD Channel Breakdown Underway

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.” USD/CAD has broken the May-August trendline. Risk is lower whilst below the 1/11 high of 1.3293.

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