USD/CAD Technical Analysis (US Dollar / Canadian Dollar)

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January 25, 2013 1:50 AM EST

Updated the:
USD/CAD : Triple bottom pattern ?

Sentiment :



--- Follow up analysis ---
The triple bottom pattern was confirmed by the break of the neckline at 0.9550, a level representing a strong zone of resistance (new buy signal). This has led to an acceleration of the upward movement of the price which is currently testing the psychological threshold of 1.0. We can expect further upward movement in the coming days even if a correction is likely to happen before the crossing of 1.0. Indeed, the objective of the pattern is set at 1.0050.

We continue to advise long positions as far as 0.9950 is support. The break of 1.0 will give a new buy signal and should allow the price to reach the resistance at 1.0040 and the objective of the pattern at 1.0050.

In case of return below 0.9950, we will be neutral between this level and 0.9914.
Full analysis

Analysis published by Bruno, the 01/24/2013 at 9h05 GMT+2

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