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Friday, June 21, 2013

Canadian Dollar

PeterLBrandt, June 21st, 2013

The C-Dollar is attempting to complete a major chart top pattern

The quarterly, monthly and weekly charts all display a possible 42-month H&S top in the Canadian Dollar (futures). It is often difficult to precisely draw the key boundary lines on such a long-duration and complex pattern. I have noted the orthodox neckline (using the bar lows) and the neckline from the Friday closes (dashed line).
I believe a close today below 9550 will complete this pattern, although technically the right shoulder low at 9367 must give way for the pattern to be confirmed. The target of the pattern is 8470.


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