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USD/CAD Signs of Life from Support

USD/CAD Signs of Life from Support

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-USD/CAD continues to sport lower wicks at support but range is contracting as the latest rally failed right at the high from 2 weeks ago. The support I’m referencing is “the long term parallel that provided support for lows throughout 2016.” I still ‘lean’ towards the upside as long as the support line holds. If it breaks then watch 1.2895 (61.8% of rally from 2016 low).

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