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Australian Employment Change Rose: 13.5k, Est: 10.0k with Participation Rate: 66.1%, Est: 66.0%

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USDCAD: Long Entry Sought as Resistance Gives Way

USDCAD: Long Entry Sought as Resistance Gives Way

2010-02-26 09:18:00
Ilya Spivak, Sr. Currency Strategist
Share:

USD/CAD

Strategy: Pending Long

USDCAD found support and bounced back above the falling trend line established from the swing high in mid-August, a boundary that has acted as both a significant upside and downside barrier over the past six months. Unfortunately, the move has not offered any attractive long entry opportunities from a risk/reward perspective, leaving us sidelined for the time being. Near-term resistance now stands in the 1.0718-57 congestion region.

02252010 CAD
 

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