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TFC Commodity Trading Forum

Canadian Dollar/ Backing off *PIC*

Here is CD once again. Note the 9 year uptrendline that has been extended to show how valid it remains even after being broken 2.5 years ago in late 2008 when price plunged to .77. Note each time price runs up to that old broken uptrendline it is stopped in its tracks and sells off. Same thing recently at 1.06. Price has formed a clear Head and Shoulder pattern over the last few weeks and should selloff to par again (1.00) at least where there is support. The 1.03 price is a nice clear horizontal neckline of the H&S pattern which is also the March high and a break below should be a reliable breakdown of a H&S neckline for a selloff back to 1.00. CD tracks closely with Crude and the CRB.