Friday, April 29, 2011

Double Bottom Spotted as USD/CAD is Contained Within Channel

The 1H chart shows the USD/CAD failing to establish bearish momentum, as the RSI reading remained above 30. Also, a double bottom is spotted, and a throwback has respected the consolidation pattern.

The 4H chart shows a couple of scenarios.

The first one is that we have completed a flag pattern, and

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