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USD/CAD Channel is Higher; Fixed Length Cycle on Monday

USD/CAD Channel is Higher; Fixed Length Cycle on Monday

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-After testing support for all of February, USD/CAD is closing in on the December high. Be aware of the level but channel resistance is still a good deal higher. Cycle considerations are worthy of note. The decline from the 2016 top lasted 74 days. Since that point, the fixed length cycle has identified turns (3 days early on the August 2016 low). The next cycle date is Monday.

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