eurcad -- bullish, but not yet broken out

8 Tem 2016

Strong move up today but price still hasn't broken out. Gyrations are still in 3s, so it's possible we are forming a triangle or a flat for a few days of sideways action. This is only an idea as we don't yet have a breakout to work with, and movements are in 3s so far. Wednesday 13/7 is the BOC announcement, so this is one idea to consider if we don't break out today or before then. I've drawn an example of a time-wasting triangle. The other possibility is a flat correction which would see a move below 1.43x.

8 Tem 2016

Not

An irregular flat would look like this. Again this is only a possibility if we fail to break out.