Hi Traders,
I was just checking this $USDCAD monthly chart and I found out a pattern that I like the most and very powerful one. It is called ''Cup and Handle'' and is a long term formation that takes months to build. As we can see, it started building in 2009 and we are very close to break out the horizontal like we starts the effect of this pattern. The target for this pattern is 1.5600 !!! Around 2,500 pips from breakout level which is 1.3063 (March 2009 high).
Also fundamentals help, with Canada entering into recession period and just decreased Interest Rate last week and US close to increase Interest Rate and high levels in Productivity and very low levels in Unemployment.
Thanks!
Thiago Duarte
@thiagotrader
thiago@duarteinvestmentgroup.com
I was just checking this $USDCAD monthly chart and I found out a pattern that I like the most and very powerful one. It is called ''Cup and Handle'' and is a long term formation that takes months to build. As we can see, it started building in 2009 and we are very close to break out the horizontal like we starts the effect of this pattern. The target for this pattern is 1.5600 !!! Around 2,500 pips from breakout level which is 1.3063 (March 2009 high).
Also fundamentals help, with Canada entering into recession period and just decreased Interest Rate last week and US close to increase Interest Rate and high levels in Productivity and very low levels in Unemployment.
Thanks!
Thiago Duarte
@thiagotrader
thiago@duarteinvestmentgroup.com