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USDCAD breakdown of the 1.04 floor

I'm looking for a breakdown of the 1.04 floor tested in November and December - with first target 1.0220 /the October Lows/.

 

The Daily chart has all he MAs and the whole pattern coiling in a tight 350 pip range and I'm suggesting at some point it will produce a meaningful trend as CAD is known for a good trading vehicle.

 

Usually the first test out of the is a fake one /tnx to Gary Savage for this one/ and I'm working with the assumption that the 1.0745 high was the first test out of the coiling range - so now I'm looking for the 1.04 Support to give way.

 

Looking the reactive moves in EUR/USD & GBP/USD off the recent lows I'm very close to calling the new USD selling wave has just begun an early positioning for the New 2010 Year.

 for more info:
http://constellation1976.blogspot.com/