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USDCAD: Prices Find Channel Support, Hint Reversal

USDCAD: Prices Find Channel Support, Hint Reversal

2010-03-05 04:35:00
Ilya Spivak, Sr. Currency Strategist
Share:

USD/CAD

Strategy: Pending Long

USDCAD has broken through support in the 1.0384-1.0415 support/resistance region but prices are now showing a Doji candlestick at the bottom of a falling channel that has guided the pair lower from the swing high in February. This boundary is reinforced by the close proximity of the major double bottom at 1.0230, and positive RSI divergence bolsters the case for an upswing. Still, we do not have a firm long entry signal and will remain on the sidelines for now.

03042010 CAD


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