Forex Technical Update

USD/CAD 15min chart 1/31/2013 9:30AM EST

(click link to see chart)
http://screencast.com/t/nzLlCoKOIk5

Descending triangle, parity: The USD/CAD is developing a descending triangle right above the parity level. The 200-hour SMA is also at this parity level, so a break should be significant is signaling some further bearish outlook, especially if the RSI here tags below 30.

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.

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