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Forex trading: USDCAD breaks trend line but falls back on data

Discussion in 'Technical Analysis' started by ForexLive, Sep 14, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    ...but hourly chart shows some dip buying anyway The USDCAD rallied to new session highs, traded above 1.3200 for the first time since the end of July and broke a trend line in the process at the 1.3176 level. Yesterday that line was tested and backed off a bit. The rally took the price to 1.3207. However, that break failed and the price started to come down before the DOE weekly data on inventories. That data came out and showed a drawdown in crude stocks (expecting a gain) and the USDCAD fell further.

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