Strategy: Pending Long
USDCAD put in a Bullish Engulfing candlestick pattern above support at 1.0074, the 14.6% Fibonacci extension level, hinting a move higher is ahead. Entering long here doesn’t appear attractive from a risk/reward perspective however with prices so close to resistance at 1.0186, the 23.6% Fib, and we will remain on the sidelines for now until a more compelling opportunity presents itself.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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