USD/CAD - Yet Another Pennant Pattern

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USD/CAD - Yet Another Pennant Pattern

By James Chen on March 26, 2009 | More Posts By James Chen | Author's Website

Similar to other dollar-based pairs, USD/CAD (a daily chart of which is shown) is displaying a clear inverted pennant consolidation. This occurs after coming down off the fourth test of 1.3 resistance. In the event that this pennant is broken convincingly to the downside to confirm a continuation pattern, price should likely assume a significantly bearish stance, which should meet initial support in the 1.2100 price region.

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