My Ironclad Rule

"It's not how many pips you make, It's how much risk you take"

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Monday, April 12, 2010

USDCAD : Bearish Bat [emerging]


This pair looks bullish for the moment. I'm anticipating a bounce off  at 0.618 retracement at 1.0020 and then continues its previous trend. This pair is forming triangle and waiting for breakout towards the resistance trendline. Mind that this pair has made a recent HI at 1.01 which is 0.382 retracement from the significant LO at 0.9975 meanwhile 0.886 AB retracement at 0.999 where I dare to say that it is a quite accurate pattern for bearish bat.

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