themarketzone

Was Friday a false break? How does it fit with the weekly setup?

FX:USDCAD   U.S. Dollar / Canadian Dollar
Friday's price action took out the previous highs in $USDCAD. Was it a low liquidity shakeout? Will it turn out to be a false break?
Still to early to tell, but a close below 1.16 will be a great sign if you are looking for a bearish trade in $USDCAD.

A false break will also fit with a bearish harmonic pattern we have on the weekly chart.
I've wrote the whole setup in this week's Weekly Markets Analysis newsletter
You can check it out on my blog along with other trade ideas
http://marketzone.tumblr.com/post/107109...