USD/CAD fell for the week, but bounced quite nicely form the lows. The resulting candle is a hammer for the second week in a row, and this suggests supportive price action. The triangle that has formed continues to keep the markets in check, and as a result we aren’t trading this market right now. A weekly or even daily close outside of the triangle gets us involved in whatever direction it breaks. Until then – long-term trading is impossible.
USD/CAD Forecast for the Week of January 16, 2012, Technical Analysis
Originally posted here
