USD/CAD at Risk of Pullback to 1.0800

By DailyFx | Updated August 26, 2014 AAA

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USD/CAD at Risk of Pullback to 1.0800

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The manner in which USDCAD turned up from the June low (near long term trendline support) indicates resumption of the long term bull trend.

-Near term trend is higher as long as price is above 1.0800 towards 1.1026/52 (Fibonacci and late April high) but recent action (key reversals and waning momentum) warn of a pullback from nearby.

--Trading ideas are availabletoJ.S. Trade Desk members.

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