USD/CAD - Retreating From False Break / Quadruple Test

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USD/CAD - Retreating From False Break / Quadruple Test

By James Chen on March 13, 2009 | More Posts By James Chen | Author's Website

Price action on USD/CAD has retreated substantially from the recent false break of 1.3 resistance. Now that price has come down, that false break may be considered the fourth leg of a quadruple test.

Currently, as of Friday (3/13/2009) morning, price has descended to the point where it is approaching an uptrend support line extending from the September 2008 lows.

This trendline represents a critical juncture for this pair. A bounce at or near the line could indicate a subsequent retest of the 1.3 upside target. A breakdown of the line could target further support in the 1.2400 price region.

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