USD/CAD Goes Dormant Just above Trendline
DailyFX.com -
Weekly
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-“The reaction lower after the test of the November high has dropped into support from the channel median line so upside resumption is possible immediately. The other level to be aware of for support is the 12/14 close at 1.3282. Much below there and I’d consider the potential for USD/CAD to fall apart.” It’s time to consider the possibility that USD/CAD falls apart. A break below the May-August trendline would suggest just that although 1.2850 should be watched for a reaction.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from IG.