Autochartist - Daily Forex Update: USD/CAD

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By Dima Chernovolov | January 25, 2013 8:04 AM EST

Autochartist

As you can see from the following opportunity alert for USD/CAD, the pair recently completed the daily Triangle chart pattern identified by Autochartist (from the 24th of April). Autochartist expects the pair to rise to the target level 1.0232 in the next 7 days. The pair earlier reversed sharply up from the stop-level 0.98241 (point B) set by Autochartist for this upward forecast. The subsequent upward price impulse recently broke above the parity and is approaching the resistance level 1.00556 (labeled as B on the chart below, which corresponds to the last downward resistance point of the broken daily Triangle chart pattern mentioned above). This resistance level should be broken for the pair to reach the target level 1.0232. The upward-sloping moving average adds to the likelihood that this currency pair will rise further in the next 7 days.

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