The Loonie Resolve

Good Morning Dynamic Traders!

The Loonie has been lamentably lost in my watch list since the New Year while it cheerfully provided a passing oscillating display.

As a trend prophet, it is impossible to pass over recent action which may promise an emerging break out in the making.

Below is the monthly chart for the USD CAD.

Price had been delighting in a downward trend for almost five years before retracing in December 2007 with the present up hill mount.

The last five months have exhibited a fervent negotiation of the value index, which price has prominently closed beyond last week.

However, the strength of this recent break through may indeed be short lived.

Note the cluster of resistances in close proximity with the zero, elipse and the golden mean hovering overhead.


USDCAD monthly chart Advanced Get

A glance at a lesser time frame will clarify trading opportunities.

The daily chart (below) confirms the bullish break of the stalwart support, which may have been assisted with the Canadian news release yesterday.

But our famous fib is fighting for recognition, challenging a bold 123 886.

Beady eyes should be kept on this pair to witness the triumph of a break out towards the figure and beyond, or a winning fib keen to gain favour and drive price into the doldrums again.

Recall your BOB filters with caution whilst heeding the cluster of news items due today!



USDCAD daily chart Advanced Get

Trendy Trading!

Saba Jackson