USD/CAD – Still Searching for 1.3250/80
Chart Prepared by Jamie Saettele, CMT
-“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.” The break lower was short lived (was looking for mid-1.2800s after the drop under the 200 day average). If a broader bearish outcome is going to happen, then I’d think that 1.3260/80 provides resistance.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.