USD/CAD: Breaking Important Trendline - BBH

USD/CAD: Breaking Important Trendline - BBH

4 May 2016, 17:36
Roberto Jacobs
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USD/CAD: Breaking Important Trendline - BBH

According to analysts from Brown Brother Harriman, USD/CAD has risen above a relevant trendline and they affirmed that technicians refer to the recent bounce from the lows as a key reversal.

Key Quotes:

“It has been painful trying to pick a bottom of the US dollar against the Canadian dollar. But now a 4-5 point downtrend from the secondary high in late-January is being violated today. It is found near CAD1.2785”.

“We note that yesterday the US dollar made a new low for the move near CAD1.2460 before recovering to close above the recent highs, in what technicians refer to as a (potential) key reversal.”

“Technical indicators like the RSI and MACDs did not confirm the low, which regarded as a bearish divergence. The US dollar is flirting with a retracement target near CAD1.2820. The next target is CAD1.2930, with CAD1.30-CAD1.3045 being a key technical hurdle.”


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