I am presenting yet another pattern with the Canadian dollar in the main role. The double top on USD/CAD is still a pending one, while the USD/CAD channel is already trading. The double top on CAD/JPY is a bit different in the sense that it is bearish for CAD, not for the other currency. In this case, a successful breakout from this double top will cause the Japanese yen to appreciate versus the loonie.
The pattern tops a very strong rally that CAD/JPY was experiencing from early November through
The double top is shown using two yellow lines on the chart below. The upper one marks the tops, while the lower one shows the neckline of the formation. My entry level is attached to the cyan line running in parallel to the border; it is located at 10% of the pattern’s height below. The green line represents my
Update 2017-01-23: The trade triggered today at 5:55 GMT. My entry price is 85.341,
Update 2017-01-25: The trade has hit
If you have any questions or comments regarding this double top on the CAD/JPY chart, please feel free to submit them via the form below.