USD to CAD - 25th February 2009 Daily Candle Chart

USD to CAD - 25th February 2009 Daily Candle Chart

You must be getting fed up looking at this chart, and I am getting fed up writing about it! The pennant pattern continues to form with no sign of a breakout one way or the other, so we have to wait and be patient! It will break at some point and then we just have to be ready. As I have said several times before the ONLY way to trade this at the moment is with a straddle strategy and options, but if you do, please make sure you are looking three months out at least ( not one month) as the time wasting element of the option will destroy your position very quickly. The main news again today is from Bernanke’s speech in the afternoon.

The short, medium and long term are all sideways!