USDCAD—triangle

This pair has corrected a bit off its 1.0781 high reaching a low of 1.0644, almost .618 retracement of the most recent climb. It’s in a triangle as are many other pairs. The bottom line of the triangle, at 1.0681 is nearby support. Just beneath that are uptrend lines that offer additional support at 1.0637 to 1.0681. If it breaks above the triangle, the November highs of 1.0848/53 are the next target. Here’s the three-hour chart:



© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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