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USD/CAD False Breakdown: Heading Higher?

Jamie Saettele, CMT

DailyFX.com -

Daily

USD/CAD False Breakdown: Heading Higher?
USD/CAD False Breakdown: Heading Higher?

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-The angle of ascent since the 2014 low is extraordinary and the rate has traded into the 1995 and 1996 lows. The next measured level is the 161.8% extension of the March-May range at 1.3399. The 61.8% retracement of the 2002-2007 decline looms at 1.3462.

-Weakness (daily close) below the median line is needed to start looking lower. If you’re trading CAD right now, be aware of what Crude is doing!

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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