USD/CAD Short Term Channel and Horizontal Intersection Just above 1.3400
Chart Prepared by Jamie Saettele, CMT
-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.
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