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USD/CAD – Trap of the Year Thus Far

USD/CAD – Trap of the Year Thus Far

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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.” Oops. USD/CAD has gone ballistic on the upside the last 2 days. Captain Hindsight reveals that everyone got a little too bearish on the break of the trendline and 200 day average and the market had no choice but to do what it did. There is still the possibility of a breakdown. Watch 1.3376 and 1.3440/50s for resistance and 1.3200 for support.

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