Monday, July 21, 2014

U.S. Dollar Breakout?

I was wondering this morning why I am cannot trade as much as I normally do and it's because the Canadian dollar has been falling (my reserve currency) and the U.S. dollar has been rising (what most of trade are in). Going back to my charts I noticed that we might be looking at an imminent breakout after a series of higher lows have been produced. Please note that the 6 year picture is a massive declining channel which is bearish, but in the near term it looks like the current downward channel cannot contain it anymore.

$USD: One year outlook.

$USD: Three year outlook. Very firm base in place at around $0.7880

$USD: Five year outlook.

Jakob Richardson © 2014