USD/CAD Attempting to Break out of 8+ Week Triangle
Chart Prepared by Jamie Saettele, CMT
-“The May low in USD/CAD is at (exactly) former channel resistance but the recent high is also at a well-defined level. Hmmm…strong support and strong resistance…sounds like conditions for a range period. Price action within a range is often indecipherable from an Elliott standpoint given the myriad pattern possibilities.” A head and shoulders top since the September 2015 high is possible. The right shoulder may be forming a triangle. A break above the triangle would negate the broad topping possibility.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.