USDCAD Break Below Trend Line

The USDCAD broke below the bottom of its descending trend line on Wednesday.  The problem is the pair has run into a bigger obstetrical.  The cross is now rubbing up against the ascending trend line that has guided the pair higher since last July.  A break of this level could indicate a trend shift lower.  Support is at the .9940 level.  this level is created by the acceding and descending trend line from the larger and shallower trend. It will be interesting to watch the price action at this level.  Resistance is still at now at parity.

Sup          .9940

Res          1.00

Keane Insight:  Resting against major support.  A bounce higher or lower could produce a measures move.

 

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