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USD/CAD: Consolidation Triangle Hints Losses Ahead

USD/CAD: Consolidation Triangle Hints Losses Ahead

2010-07-23 04:15:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDCAD looks to be forming a Triangle consolidation pattern. This setup is typically indicative of continuation, hinting at losses ahead considering prices went into the setup with a clear bearish bias. A break below Triangle support (now at 1.0310) exposes horizontal support-turned-resistance at 1.0182. We don’t see an attractive trade setup here for the time being and will remain on the sidelines.
 
candlesticks07222010CAD

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