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USDCAD: Enter Long as Prices Clear Trend Line

By Ilya Spivak, Currency Strategist
22 August 2010 23:44 GMT

Strategy: Long at 1.0501, Targeting 1.0713

USDCAD has taken out resistance at a falling trend line established from the swing high in mid-May following a rebound from horizontal support at 1.0294. We will enter long from here, initially targeting 1.0713. A stop-loss will be activated on a daily close below 1.0393.

USDCAD_Enter_Long_as_Prices_Clear_Trend_Line_body_082210_CAD.png, USDCAD: Enter Long as Prices Clear Trend Line

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22 August 2010 23:44 GMT