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USDCAD: Triangle Setup Points to Gains

USDCAD: Triangle Setup Points to Gains

2011-08-12 12:16:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCAD_Triangle_Setup_Points_to_Gains_body_Picture_5.png, USDCAD: Triangle Setup Points to Gains

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To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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