Canadian Dollar Technical Outlook

Published June 26th, 2008 - 07:14 GMT
Al Bawaba
Al Bawaba

There is no change to the USDCAD triangle scenario.



A triangle is unfolding.  Expect wave E of the triangle to end below 1.00.  This decline will present a high reward/risk opportunity against .9818.  A breakout in larger wave C towards 1.05/08 is expected to follow completion of the triangle.

STRATEGY: Bullish, against .9818, target above 1.0324 (but a test of 1.00 is probable in wave E of the triangle)