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USDCAD breaks out of the triangle pattern on daily chart and is testing the 1.2765 resistance. A break above this level will signal further rally to test 1.3015 long term key resistance. Above this level will indicate that the long term uptrend from 0.9056 (Nov 7, 2007 low) has resumed and the next target is expected to 1.3500 zone.

For long term analysis, USDCAD remains in bullish movement, and the price action from 1.3015 is treated as consolidation of long term up trend. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.



Weekly Forex Forecast

Submitted by Markus on Thu, 02/26/2009 - 18:37

Today I read a blog entry from Demian Farnworth* on Jack Welch. There are some great lessons that day traders can learn from "The Most Successful Manager Of The 20th Century":

Legend has it that some twelve years after he joined GE , Welch announced at his annual performance review his plan to become CEO.

And that was in fact just what the brazen young engineer did. In 1981, Welch stepped into the roll of GE’s youngest Chairman and CEO ever.

During the first five years of his tenure, Welch cemented his reputation as he eliminated employees ruthlessly, earning the title ” Neutron Jack”– the people vanished but the buildings ...

Pre-London today started us off proper with a weak British Pound Sterling, along with a strong Japanese Yen, providing some nice pips off a recent double top. Yet in this video I focus completely on how we were able to insert ourselves into this move as it performed a 38.2 Fibonacci pullback during the first 30 minutes of the London open. Ultimately this video breaks down how we determined our risk vs reward, profit taking zone, stop loss area, timing of entry, correlation, essentially the entire trade plan beginning to end. It amounted to approximately 40 pips risk for 120′ish pip trade which performed very well and rather quickly to boot, all the way to our M1 reversal pivot point for the day. Pullback trading at it’s best right here. ...

China bulls don't worry, be happy, because China is going to be the sole winner in this race to the bottom-don't you know.

Click on the following link to view the latest issue of Black Swan Currency Currents in PDF format.