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USDCAD is forming a triangle pattern

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 21, 2010.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCAD is forming a triangle pattern on daily chart. Resistance is at the upper boundary of the pattern, now at 1.0605, a clear break above this level will indicate that the uptrend form 0.9930 has resumed, then another rise towards 1.0852 (May 25 high) could be seen. Support is located at the lower boundary of the pattern, now at 1.0321, a clear below this level could bring price towards 1.0000 area.

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  2. MDunleavy

    MDunleavy New Member

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    This week, US data and the European bank stress test results stole most of the headlines. Canada has quietly seen their currency strengthen towards the lower part of its' recent range. Tuesday saw an increase of 25 basis points on their overnight rate. Canadian Retail Sales and Consumer Price Index printed below expectations, but the currency benefited from the stabilization of commodities. While the outlook for future rate hikes is dismal, the Canadian economy is significantly in a better position than the US.Written by FX Solutions.USDCAD strength can continue towards 1.02.

    "P&F USDCAD30 Box Size 40X3 or(1.15%) HI/LO
    Data 1.0744 - 1.0138 ~ 2 Month ~ 58.98 Day
    Database 2048 records 1.03572 (Last Close)
    2010-05-25 23~00
    2010-07-23 22~30 (GMT+01:00) Paris
    BJF Trading Group MDunleavy chart"

    1.0760|~4O|||+_______________________________|-0.15%|6.14%
    1.0720|~8O|||x_o_____________________________|0.22%|5.74%
    1.0680|~12O||x_o_+_______________+___________|0.6%|5.35%
    1.0640|~16O||__o___+_____x_______x_+_________|0.97%|4.95%
    1.0600|~2OO||__o_____+___x_o_____x_o_+_______|1.34%|4.56%
    1.0560|~24O||__o_x___x_+_x_o_____x_o_x_+_____|1.71%|4.16%
    1.0520|~28O||__o_x_o_x_o_x_o_____x_o_x_o_+___|2.08%|3.77%
    1.0480|~32O||__o_x_o_x_o_x_o_____x_o_x_o_x_+_|2.46%|3.37%
    1.0440|~36O||__o___o___o_x_o_x___x_o_x_o_x_o_|2.83%|2.98%
    1.0400|~4OO||__________o_x_o_x_o_x_o_x_o_x_o_|3.2%|2.58%
    1.0360|~44O||__________o___o_x_o_x_o_x_o___o_|3.57%|2.19%
    1.0320|~48O||______________o_x_o___o_x_____V_|3.95%|1.8%
    1.0280|~52O||______________o_x_____o_______V_|4.32%|1.4%
    1.0240|~56O||______________o_x___+_________V_4.69%|1.01%
    1.0200|~6OO||______________o_x_+___________V_5.06%|0.61%
    1.0160|~64O||______________o_+_____________V_5.44%|0.22%
    1.0120|~68O||______________+_________________|5.81%|-0.18%
    Column|~72O||2_8_3_3_3_5_7_1_7_3_8_9_7_5_3_3_|
    Count||~76O||______________2_________________|


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  3. MDunleavy

    MDunleavy New Member

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