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USD/CAD Bearish Wick at Channel Center Line

USD/CAD Bearish Wick at Channel Center Line

2017-04-04 19:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Bearish Wick at Channel Center Line

Chart Prepared by Jamie Saettele, CMT

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Real Time Positioning

-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. Pay attention to the former highs just above 1.3200 for support. 1.3200 is also the 200 day average and a parallel. It’s safe to say that 1.3200 is important in USDCAD and a break below would be an early sign that this horrendous range is nearing completion.

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