Strategy: Pending Long
USDCAD put in a bearish Harami candlestick pattern below resistance at 1.0516, the 50% Fibonacci extension level, hinting a pullback is ahead. Initial support lines up at 1.0369, the 38.2% extension. We continue to see any weakness as corrective in the context of a larger uptrend and will look for confirmed signs of bullish reversal following a pullback as buying opportunities.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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