USDCAD: Waiting to Re-Enter Long Trade
STRATEGY: Pending Long
We booked profits on our long USDCAD position last week having noted a number of bearish warning signs including an Inverted Hammer candlestick and negative RSI divergence. While our bias continues to call for gains as long as the pair remains above 0.9667, our reasons for exiting the trade remain valid and hint at near-term weakness. With that in mind, we will remain on the sidelines until positioning becomes overtly bullish once again.
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