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USDCAD: Candles, Wedge Point Higher

USDCAD: Candles, Wedge Point Higher

2011-02-25 10:48:00
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. Very early signs of a reversal may be emerging with prices poised to form a bullish Inverted Hammer candlestick. With that said, the setup is not actionable until we see a clear break above the wedge’s upper boundary (now at 0.9992) and we will remain on the sidelines for now.

USDCAD_Candles_Wedge_Point_Higher_body_02252011_CAD.png, USDCAD: Candles, Wedge Point Higher

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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