USDCAD: Bounce Hinted Above 0.94 Level
Strategy: Pending Long
USDCAD put in an Inverted Hammer at falling channel bottom support, hinting a move higher is ahead. However, risk/reward considerations argue against entering long at current levels and we will remain on the sidelines until a more compelling setup presents itself. Initial Fibonacci resistance lines up at 0.9494 and 0.9538, followed by the channel mid-line now at 0.9562.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.