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USDCAD: Wedge Setup Favors Gains

USDCAD: Wedge Setup Favors Gains

2011-02-18 13:36:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDCAD has been carving out a well-defined bullish Falling Wedge chart formation since the middle of last year, a setup reinforced by clear positive divergence on relative strength studies. With that said, the setup is not actionable until we see a clear break above the wedge’s upper boundary (now at 1.0014) and we will remain on the sidelines for now.

USDCAD_Wedge_Setup_Favors_Gains_body_02182011_CAD.png, USDCAD: Wedge Setup Favors Gains

To discuss these strategies with other traders, please visit the Candlestick Forum

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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