USD/CAD Following Through; 1.3409 Remains the Pivot
Chart Prepared by Jamie Saettele, CMT
-Recent 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 (below is a failed breakout). The measured objective from the pattern is 1.4100. There is a Fibonacci level to pay attention to at 1.3839.
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