18 Jan 2017

USD/CAD - THE NEXT LEG LOWER

USD/CAD WEEKLY

Last week the rate broke it's 7-month-long consolidation channel. I am now looking for a small retracement higher or a short term consolidation pattern break to enter new short positions.

The November and December highs at the top of the channel can now be looked at as a double top pattern, so my first target is going to be 1.2730 (the 100% breakout target), but my longer term goal is the 5-year-long rising trendline support in the 1.2400-1.2500 area.

A break back above the broken channel's support above 1.3300 would invalidate my immediate bearish bias on the pair.



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