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USDCAD: Bears Eye Support Below Parity

By , Currency Strategist
27 January 2012 04:35 GMT

Strategy: Flat

USDCAD broke through the bottom of a descending Triangle at 1.0072, with prices now approaching support in the 0.9907-0.9964 region. Risk/reward considerations argue against entering short at current levels and we will stand aside for now until a more compelling setup presents itself.

USDCAD_Bears_Eye_Support_Below_Parity_body_Picture_5.png, USDCAD: Bears Eye Support Below Parity

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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27 January 2012 04:35 GMT