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Is The Canadian Dollar About To Get Cross Checked?

Published 06/21/2013, 02:30 AM
Updated 07/09/2023, 06:31 AM
RWD
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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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Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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