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USDCAD: Flag Pattern Points to Gains Ahead

USDCAD: Flag Pattern Points to Gains Ahead

2011-09-05 02:27:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

USDCAD appears to have formed a Flag chart pattern, a setup typically indicative of continuation in the trend that was in place before a period of consolidation (in this case, bullish). We will look for confirmation that the larger move higher has resumed on a break of Flag resistance – now at 0.9904 – to actively search out buying opportunities. A breakout sees initial Fibonacci extension resistance at 0.9955.

USDCAD_Flag_Pattern_Points_to_Gains_Ahead_body_Picture_5.png, USDCAD: Flag Pattern Points to Gains Ahead

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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