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USDCAD: Stay Long Amid Consolidation

USDCAD: Stay Long Amid Consolidation

2011-07-15 05:21:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCAD_Stay_Long_Amid_Consolidation_body_Picture_5.png, USDCAD: Stay Long Amid Consolidation

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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