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USD/CAD Flyer Fails at Fibonacci

USD/CAD Flyer Fails at Fibonacci

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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…” Top for the move was 1.3388, just above the 61.8% of the drop from 12/28. Today’s low is at the 200 day average. USD/CAD is stuck between 2 big technical levels. Ideally, a break of one of these levels will lead to a directional move.

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

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