Tuesday, February 17, 2009

USD-CAD Triangle Breakout

This is the daily chart for CAD-USD. As i mentioned yesterday a break from the triangle was expected & it seems we do have a breakout, as expected towards the upside. I will be looking for a daily close above the line to have a confirmation.

The same pair, this time the hourly charts. Will be looking to go long at the current juncture & slightly below. It price comes down to test the black resistance line & finds support there (hourly close above it. Infact preferably a slight dip below the line, a pull back & close above the line would be perfect signal) I would go long there with a wider stop than usual. The expected move should be pretty large & one can make decent money.

Several of the CAD crosses too are near or at breakouts.