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Tuesday, August 10, 2010

USD/CAD - Finally ready for the move higher

As you know I have never liked the triangle concept. The break below 102.69 gave the triangle concept some credence, but with the break back into the triangle today in my view was the final kill of that possibility.
I have shown my favorite count, which has the decline from 108.62 as a double zig-zag, which ended with the low at 101.02.
I would expect a break above the minor resistancelineresistance line at 105.22 soon opening for a move towards key resistance at 108.62 and a break above here will yield at least a move towards the 114-115 area, but it will most likely be much higher.

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