USDCAD: Triangle Setup Points to Gains
Strategy: Pending Long
Prices put in a Bearish Engulfing candlestick pattern below resistance at the psychologically critical parity level and corrected lower, with subsequent price action taking the shape of a triangle chart pattern. The setup is indicative of bullish continuation and we will look for a break above resistance at 0.9910 – the 23.6% Fibonacci extension level – to enter long.
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