FXBen

USD/CAD AWAITING BREAKOUT

FX:USDCAD   U.S. Dollar/Canadian Dollar
POSTED SOME USD/CAD             ANALYSIS NOT LONG AGO STATING A BEARISH BIAS. WE HAVE FAILED TO GAIN ANY KIND OF MOMENTUM BUT THE BEARISH BIAS REMAINS. AS YOU CAN SEE WE HAVE OUT CTL AND A BREAK OF THIS WILL LEAD US FIRST TO THE YEARS LOWS AROUND 1.1940 AND THEN TARGETING FRESH LOWS AT 1.1700 AND POSSIBLY AS LOW 1.1450.

ALTERNATIVELY WE COULD SEE THE DESCENDING TRENDLINE BREAK AND PRICE COULD PUSH BACK UP TO THE HIGHS AROUND 1.2780. ITS TIME TO SIT ON OUR HANDS WITH THIS PAIR AND WAIT TO SEE WHAT PRICES TELLS US IT WANTS TO DO.
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