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May 1st, 2008

Canadian Dollar looking weaker

The US Dollar seems to be gaining strength against the Canadian Dollar. The daily chart below shows a one significant FTD (Failed to Drop) pattern in March and a small one in late April (see highlighted areas). A break of the current flag could take it at least to 1.05.

2008-05-01 090505-BUSDCAD - Candle 3m21d_1d

The weekly chart below shows the downtrend was broken in December and since then the USD has been putting pressure to the upside.

2008-05-01 090805-BUSDCAD - Candle 1y7m17d_1w

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