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MIKE CASSESE/REUTERS

Canadian Pacific Railway Ltd. has been in an uptrend since late-2011 (dashed lines). We confirmed higher targets on Oct. 6, 2012 ($86.98). Soon thereafter the stock rallied to $144.43 (A) for a 66-per-cent appreciation at that time.

CP has been trading in a descending triangle pattern for the past several months – remaining above about $120 while having lower highs (dotted lines). A decline below about $120 would be extremely negative but a rise above $135 followed by a rise above $145 would signal the resumption of the uptrend toward the next target of $169.

Look for a rise above $135 then $145 or decline below about $120 to signal the direction of the next move.

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Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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