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USD/CAD Choppy Rise from 3/16 Prepping for a Drop?

USD/CAD Choppy Rise from 3/16 Prepping for a Drop?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD Choppy Rise from 3/16 Prepping for a Drop?

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-USD/CAD has traded in a narrow yet volatile range since FOMC. The slightly positive tilt of the range following a sharp decline indicates that pattern may be forming a small bearish flag. Clearly, the March high is critical to this interpretation. As noted last update, “the current level is ‘no-man’s land’ but pay attention to the former highs just above 1.3200 for support.”

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

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