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