Sep 30, 2010

FX Path

FX Path

USD/CAD - Looking to Break Consolidating Rectangle

Posted: 30 Sep 2010 09:37 AM PDT

Price action on USD/CAD (a 4-hour chart of which is shown) as of Thursday (9/30/2010) has been entrenched within a tight sideways consolidation between the 1.0200 and 1.0350 price regions for the past two weeks. This occurs within the context of a longer-term sideways consolidation that has characterized this currency pair since the last quarter of 2009. For more technical analysis on this currency pair, please click here for Thursday’s (9/30/2010) Chart of the Day.

James Chen, CTA, CMT

* For information on my DVD set, High-Probability Trend Following in the Forex Market, please click here.
* For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.
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