Special thanks to Jim Iuorio of Hamzei Analytics for the following guest post on Canadian Dollar Futures traded at the CME. Jim highlights a daily chart of the December Canadian Dollar (CDZ2). He says that the current pattern is interesting in that it is forming a pennant within a broader triangle.
A trade above 102.50 constitutes a breakout of both patterns and suggests an updside objective of 103.59.
He is considering a stop entry trade at 102.52, will look to take profits at 103.50 and use a stop loss of a settle below 101.70.
Hamzei Analytics is currently offering a free trial to its Currency Futures Feed. You can send a follow request to gain access to this trial at the following link: Gain Access to Currency Futures Feed Trial
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