CapMoore
Long

Clean Break Of The Major Wedge Pattern

FX:USDCAD   U.S. Dollar/Canadian Dollar
105 1 1
Price made a clean break of the wedge today, as well as breaching the Mobthly R2
without hesitation. Price is thus closing in on the Yearly R4 !!
How often do one see that?. Yearly R4 at 1,3783. May 2004 reaction high (spike) is at 1,40.
One scenario would be a bounce off the Yearly R4 and retest the broken wedge.
But it may as well just march higher to 1,40 and beyond.
Currently, there is alot of energy built up through a prolonged
sideways action, also shown by the low ATR reading at the bottom of the chart.
Mughal2657
a year ago
yes you wright. every one in the house was playing on the bearish side on this pair most of the top traders was also hoping pullback in wedge but there is a clear break and nothing is there in the way of bulls until $1.40 i joined this trend from 1.28500 and now i am very clear to get 1200 pips in my pocket i think price will consolidate at 1.40 and will form abcd pattern
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