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USD/CAD Breakout Valid While above 1.3409

USD/CAD Breakout Valid While above 1.3409

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-The last updates noted that “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 because a break through the December-March line (testing now) would complete a head and shoulders continuation pattern (origin of pattern is the November high).” The pattern has completed and is valid while above 1.3409 (Monday low). The measured objective from the pattern is 1.4100. There is a Fibonacci level to pay attention to at 1.3839 too.

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