Loonie Flying a Bullish Flag

Colin Jessup

There is a bullish continuation flag forming on the Loonie today. The bulls are trying to break through he resistance at 1.035 while getting support from below at 1.024. Should price successfully break through 1.035 we can expect to see resistance again around 1.039 and again at 1.050. Price will have to break the support level below (1.024) in order to shift to the bearish side, and if successful should retrace to about 1.015. Price may push higher first, but Canada is doing all the right things as far as its financial affairs as of late, giving it an edge over the Greenback. While the Greenback has been showing some strength this week, we will have to wait to see if that strength can hold. Either way, we will make every effort to capitalize on the movement.

Happy Trading!

USD/CAD Analysis - September 26, 2011

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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