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USD/CAD: Candles Hint Upswing Within Triangle Setup

USD/CAD: Candles Hint Upswing Within Triangle Setup

2010-07-30 08:41:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDCAD positioning is broadly unchanged from what we identified last week. The pair looks to be forming a Triangle consolidation pattern. a setup that is typically indicative of continuation and hinting at losses ahead considering prices went into the setup with a clear bearish bias. A break below Triangle support (now at 1.0338) exposes horizontal support-turned-resistance at 1.0182, although a Hammer candlestick suggests that another leg higher may materialize before the eventual move lower. We don’t see an attractive trade setup here for the time being and will remain on the sidelines.

candles_073010_cad_body_073010_CAD.png, USD/CAD: Candles Hint Upswing Within Triangle Setup

USDCAD Spot (Daily Chart) - Created Using CQG, Prepared by Ilya Spivak

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