USDCAD—coiling

On the daily chart USDCAD is coiling in a large symmetrical triangle. Regardless of which way it breaks the move will be a large one. If upward, the price target, assuming a breakout at 1.0579, would be 1.1504; if downward, assuming a breakout at 1.0265, the target is .9340. You'd definitely want a clear breakout before trying to trade it and in any case there can be fake-outs with triangles. Still…it would be interesting.

Here's the daily 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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