USDCAD: Stay Long Amid Consolidation
Strategy: Long at 0.9627, Targeting 0.9912
Earlier this week, we entered long USDCAD at 0.9627. Bullish momentum has yet to gather steam in earnest but positive RSI divergence continues to argue for an upside scenario and we will continue to hold the position. As before, the initial target is at 0.9912 and a stop-loss will be activated on a daily close below 0.9561. The first layer of near-term resistance stands at 0.9688, the 23.6% Fibonacci extention.
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