FX:USDCAD   U.S. Dollar / Canadian Dollar
ANOTHER TEXTBOOK SETUP ON USDCAD . PRICE HAS BEEN STUCK IN THIS RANGE SINCE THE END OF JANURARY. A FLAG PATTERN HAS BEEN FORMED AND THE LONGER THE MARKET IS STUCK IN A RANGE/CONSOLIDATES THE BIGGER THE BREAK OUT. USDCAD HAS FAILED TO BREAK SUPPORT OF THE RANGE WHICH IS ALSO A MAJOR PHYSIOLOGICAL LEVEL (1.24000). THE MARKET IS CLEARLY CAPPED AT THIS LEVEL BECAUSE PRICE HAS FAILED TO BREAK THROUGH THIS LEVEL SO MANY TIMES THAT I'VE ACTUALLY LOST COUNT! TARGET IS OBVIOUSLY BACK UP AT THE RESISTANCE OF THE RANGE AND A BREAK OF THAT I WILL THEN TARGET 1.30000. MY BIAS IS TO THE BREAKOUT OF THE RESISTANCE BUT I WONT HESITATE TO GET SHORT IF WE GET A SUBSTANTIAL BREAK OF SUPPORT.
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