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Canadian Dollar May Be Setting Up For An Upside Breakout

Currencies / Canadian $ Apr 05, 2019 - 04:13 PM GMT

By: Chris_Vermeulen

Currencies

Our researchers, at Technical Traders Ltd., believe a current pennant/flag formation in the Canadian Dollar is suggesting an upside breakout move may be setting up over the next 5~7+ days.  Recently, the Canadian Dollar has weakened from 0.76875 to lows near 0.74375.  Current price rotation is almost perfectly aligned with Fibonacci Price theory suggesting that the recent failure to establish any new lower price level (highlighted on this chart in MAGENTA), suggests a tightening price range as the current pennant/flag formation completes over the next 5~7+ days.  It is our belief that as long as the current price level stays above the 0.74375 level throughout the completed pennant apex, an upside price break is very likely.


Skilled traders may look at this opportunity for an incredible 200+ pip upside price swing.  We believe the current downward price trend will be the last opportunity to target lower prices before the upside breakout occurs.  The next 3~5 days will likely see prices move a bit lower, targeting the lower support channel before the breakout rally begins.

Interestingly enough, this move in the Canadian Dollar aligns with our Gold/Silver research suggesting an April 21~24 date as a major bottom/basing date.  Could it be that some currency fluctuation or global market event will drive bigger moves in many of the major currencies while pushing traders into the precious metals markets at the same time?  We’ll know more as we get closer to the April 21~24 date, but right now we believe all the tea leaves are aligning for some type of bigger move in later April and skilled traders should begin positioning their trades accordingly.

If you want to learn how valuable a team of dedicated researchers and traders can be to your bottom line, visit www.TheTechnicalTraders.com to learn how we can help you find and profit from these moves.  We believe you won’t find anything like our proprietary research and trading triggers anywhere else on the planet.  Do yourself a favor and read some of our recent research posts to see just how valuable we can be to your future – then consider supporting our team and effort to assist you.

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several leading financial hubs like MarketOracle.co.uk

Disclaimer: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Technical Traders Ltd., its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including this report, especially if the investment involves a small, thinly-traded company that isn’t well known. Technical Traders Ltd. and the author of this report has been paid by Cardiff Energy Corp. In addition, the author owns shares of Cardiff Energy Corp. and would also benefit from volume and price appreciation of its stock. The information provided here within should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Technical Traders Ltd. and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

Chris Vermeulen Archive

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