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USDCAD: Channel Floor Still in Play

USDCAD: Channel Floor Still in Play

2011-03-11 09:59:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

On balance, USDCAD positioning is little changed from what we identified last week, with the pair still stalling at the boom of a downward-sloping channel set from early December, now at 0.9639. Near-term resistance lines up at a falling trend line connecting major lows since June 2010 (0.9766). As before, the pair does not offer an actionable trade setup and we will remain on the sidelines for now to see how current congestion resolves itself.

USDCAD_Channel_Floor_Still_in_Play_body_03102011_CAD.png, USDCAD: Channel Floor Still in Play

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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