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USD/CAD Loves Parallels; Best 4 Day Rally in 6 Months

USD/CAD Loves Parallels; Best 4 Day Rally in 6 Months

Jamie Saettele, CMT, Sr. Technical Strategist


USD/CAD Loves Parallels; Best 4 Day Rally in 6 Months

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. I still ‘lean’ towards the upside as long as the support line holds.” USD/CAD has rocketed higher. In fact, the 4 day rally is the best since September. The 1/20 high (1.3387) has been tagged so some back and fill might need to take place before another leg up.

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