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USDCAD Bearish Triangle Break

USDCAD Bearish Triangle Break

2012-03-19 20:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Bearish Triangle Break

Prepared by Jamie Saettele, CMT

“Recent consolidation may be a triangle.” Today’s USDCAD decline is the best evidence yet for a near term bearish USD outlook. Expectations are for an extension of weakness (albeit in a terminal thrust) towards the 8/31 low at 9725. 9900 is now resistance.

Bottom Line (next 5 days) – down

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