Canadian Dollar 2 Month Trendline Holding
Prepared by Jamie Saettele, CMT
Since the October high, the USDCAD has traded sideways in what appears to be a triangle. The problem with triangles is identifying whether or not the triangle is of the bullish or bearish variety. If the triangle is bullish, then price likely remains above 10125 on its way to much higher levels. This is at odds with the AUDUSD and NZDUSD counts though. As such, respect potential for a pop into 10300 in order to complete a bearish triangle (wave B) before a turn lower and test of 9890.
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