Is the triangle over in USDCAD?

Daily analysis on Gold and the Dollar index
February 25, 2015
TRADING2DAY PERFORMANCE AND FREE TRIAL
March 4, 2015

The sideways consolidation in USDCAD could very well be over as there are 5 waves (a-b-c-d-e) in the sideways move we are witnessing for the last month. The triangle pattern is a typical corrective pattern after such a big rally from 1.13. The upper triangle pattern boundaries are found at 1.2610 while the lower boundaries are at 1.2390.

USDCAD2

Trading2day subscribers have seen my trade and go long this pair since 1.2426 when we were at the final stages of wave e down. My projection now sees we could reach 1.29-130 once we break above the triangle resistance at 1.2610.

USDCAD

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Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.