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USD/CAD Short Term Channel and Horizontal Intersection Just above 1.3400

USD/CAD Short Term Channel and Horizontal Intersection Just above 1.3400

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-As noted last week, the USD/CAD reversal from above 1.3200 “dampens near term bearishness and warns that the decline from March is complete in 3 waves.” A bullish USD/CAD doesn’t jive with a broader USD breakdown but maybe CAD is a sale on crosses at this point. Either way, pay attention to 1.3410 (or so), which is the line that extends off of the March highs.

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

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