USD to CAD Weekly Candle Chart - 2nd February 2009

USD to CAD Weekly Candle Chart - 2nd February 2009

Technical analysis of the weekly candle chart for the usd to cad currency pair, tells us little I’m afraid that we don’t already know! The currency pair are trading sideways, and last week’s hanging man, following the shooting star has done nothing to clarify the direction for the next few weeks, other than more of the same, in other words sideways! The only significant point is that the chart is now forming a pennant, with lower highers and higher lows, which, if continued, will result in a breakout which will then provide the direction we need in order to trade. The moving averages have closed, and again this provides no direction for us as traders. As I have said on the daily commentary, I would stay out of this market in the long timescales, and only trade on an intra day basis when the signals provide an opportunity.