USD/CAD - Flag Near Quadruple-Tested Highs

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USD/CAD - Flag Near Quadruple-Tested Highs

By James Chen on March 6, 2009 | More Posts By James Chen | Author's Website

After coming just a few pips shy of quadruple-testing the 1.3000 4-year highs, price action on the USD/CAD daily chart, as shown, has retreated back down a bit and formed a potential bullish flag formation.

While support currently resides around the uptrend support line extending from the September 2008 swing low, any substantial breakout above the flag consolidation pattern could also carry the bullish momentum to break above the key 1.3000 resistance. If this occurs, further resistance targets will be posted.

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