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USD/CAD Rolling Over Before BoC

USD/CAD Rolling Over Before BoC

2017-04-11 19:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USD/CAD Rolling Over Before BoC

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-The slightly positive tilt of the range following a sharp USD/CAD decline indicates potential for 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 (from May 2016) is nearing completion.

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