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USDCAD: Trend-Defining Resistance in Play

By , Currency Strategist
07 May 2012 05:55 GMT

Strategy: Pending Long

USDCAD pushed higher after completing a Bullish Engulfing candlestick pattern, taking out support-turned-resistance at a rising trend line set from late February. The pair is now approaching major resistance in the 1.0014-1.0053 area, marked by a horizontal barrier in play since early November 2011 and a bias-defining falling trend line set from last year’s swing high. We will look for a daily close above this region as confirmation of a major bullish reversal to enter long.

USDCAD_Trend-Defining_Resistance_in_Play_body_Picture_5.png, USDCAD: Trend-Defining Resistance in Play

Written by Ilya Spivak, Currency Strategist for

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07 May 2012 05:55 GMT