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USDCAD: Stay Long Amid Consolidation

By , Currency Strategist
15 July 2011 05:21 GMT

Strategy: Long at 0.9627, Targeting 0.9912

Earlier this week, we entered long USDCAD at 0.9627. Bullish momentum has yet to gather steam in earnest but positive RSI divergence continues to argue for an upside scenario and we will continue to hold the position. As before, the initial target is at 0.9912 and a stop-loss will be activated on a daily close below 0.9561. The first layer of near-term resistance stands at 0.9688, the 23.6% Fibonacci extention.

USDCAD_Stay_Long_Amid_Consolidation_body_Picture_5.png, USDCAD: Stay Long Amid Consolidation

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15 July 2011 05:21 GMT