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USDCAD: Enter Long on Trend Line Break

USDCAD: Enter Long on Trend Line Break

2011-05-27 03:13:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

USDCAD carved out an inverted Head and Shoulders bullish reversal chart pattern and took out the formation’s neckline at 0.9667to stall ahead of trend line resistance set from November.We will look for confirmation on a daily close above said trend line to enter long. The Head and Shoulders setup implies a measured target at 0.9920.

USDCAD_Enter_Long_on_Trend_Line_Break_body_Picture_3.png, USDCAD: Enter Long on Trend Line Break

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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