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Forex Trading Technical Analysis (2010/07/30) USD/CAD Hits Triangle Bottom

USD/CAD (a daily chart of which is shown) as of Friday (7/30/2010) has once again hit the bottom of a large triangle consolidation pattern after having traded just below key 1.0400 resistance for the entire week. This large triangle occurs within the context of a prolonged sideways trading range consolidation that has been in place since late 2009. For more USD/CAD technical analysis, please click here.

James Chen, CTA, CMT