USD/CAD Pennant Pattern Forming | Forex Factory

  • USD/CAD Pennant Pattern Forming

    From forex-fx-4x.com

    The Loonie currency pair is consolidating below parity after a rejection from 1.0009 on the 9/8/11. The corrective move lower has been short lived to date and a pennant pattern is now forming. There is also a double inside day/inside bar pattern prior to today and a range breakout could see increased volatility for US/Canadian dollar pair in either direction. A pennant pattern consists of a symmetrical triangle which converges as the pattern develops. The price action needs to be captured within both of the converging trend lines – as is the case with this example. Classic technical analysis has the total range ... (full story)

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DragonFire
Aug 23, 2011 11:23am
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Canadian economy is on ropes but leaders are just putting on a brave face; so far this month Canada didn't release any good report; so what do you expect from CAD?; EUR and USD are sick but still appreciating against CAD; I think parity and beyond is gathering steam unless Bernanke spoils the fun...
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fxprocessor
Aug 23, 2011 2:50pm
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To be honest I have no strong opinion regarding the Canadian economy that I would initiate trades from as I am first and foremost a price action trader. If price stays below 0.9918 and above 0.9828 we will have the third inside day in a row. Good potential for momentum on a breakout of the daily high or low. Especially if it happens during the main trading sessions tomorrow. All the best - Nick
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Trader#1951
Aug 23, 2011 11:47am
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Dragonfire, you need to do your homework. Regardless of current USDCAD price, the Canadian economy is one of the strongest in the world.
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DragonFire
Aug 23, 2011 12:08pm
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Quoting g_f8b8d3fe
Dragonfire, you need to do your homework. Regardless of current USDCAD price, the Canadian economy is one of the strongest in the world.
May be it was last January...think in terms of tomorrow not yesterday...
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