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USD/CAD Channel Breakdown and Re-Test

USD/CAD Channel Breakdown and Re-Test

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“USD/CAD has broken the May-August trendline. Risk is lower whilst below the 1/11 high of 1.3293.” The cross has ‘checked’ the underside of the trendline and turned lower, which reinforces the idea that Loonie is a bear. Still, be aware of the 1.2850s for possible support.

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