USD/CAD - Makes Gains, Hits 38.2% Fib

USD/CAD - Triangle Breaks - Higher

USD/CAD - Holding at 38.2% Fibonocci Retracement

The USD/CAD was able to break out of the triangle and closed just under the 38.2% Fib retracement - the move lower after Fed announced a $300 billion treasury purchase plan on March 17th (1.2750 high) to the low set a day later of 1.2190. A double bottom was set on the 23rd of March, which followed by a period of consolidation and a triangle pattern trapping the pair until Friday's European session. I'm looking to reset a long position in the 1.2330s for a move to the 50% retracement. I am very hesitant in doing much since the market is headline driven, with Quantitative Easing in focus, if Canada follows in US' footsteps, then I surely believe we'll see another run towards 1.30, at which point I'd like to think we'll break further above that top. See charts above for support.