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Chart of the Day: Loonie Breakout

No, not a “loony” crazy breakout, a breakout in the Canadian dollar (also called the loonie!) The chart above is of the USD/CAD, so up on this chart is down for the CAD. (Chicago currency futures will be the inverse of this chart.) After a long consolidation near highs, the Channel system we use in our published research triggered an entry into this breakout in yesterday’s trading. Though short term currency movements have featured a lot of chop and slop and generally poor followthrough for the past few months, watch the CAD for a potential trend in the first part of 2014.

AdamHGrimes

Adam Grimes has over two decades of experience in the industry as a trader, analyst and system developer. The author of a best-selling trading book, he has traded for his own account, for a top prop firm, and spent several years at the New York Mercantile Exchange. He focuses on the intersection of quantitative analysis and discretionary trading, and has a talent for teaching and helping traders find their own way in the market.
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