USD/CAD: Pullback to Offer Long Entry Opportunity
Strategy: Pending Long
USDCAD has broken above resistance at a falling trend line established from August 2009 to meet a horizontal barrier at 1.0763. An Inverted Hammer candlestick and negative RSI divergence hint that a near-term double top may be in the works. We will look for a pull-back to re-test the trend line (now at 1.0535) to look for buying opportunities.
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