Chart of the day: USD/CAD

Blake Morrow Forex Analytix

The USD/CAD was our chart of the day on Monday as we were near channel resistance. I had thought that we may be close to breaking higher, the opposite is what happened. We continued to fall to a new trend lows. Now, we are at very key support that bears should take note of. Two trend lines of the previous triangle formation are being tested as they coincide near current price just below the 1.3200 level. By the end of the week, whether of not we can hold this support may mean a lot (for both the bulls and bears) to this pair.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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