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USDCAD: Move Lower to Yield Long Entry

USDCAD: Move Lower to Yield Long Entry

2011-10-05 03:02:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

USDCAD put in a bearish Shooting Star candlestick below the 1.06 figure, hinting a pullback is ahead. Deeply overbought RSI studies reinforce the case for a downside scenario. Initial support stands at 1.0362, the 23.6% Fibonacci retracement level. We maintain a broadly bullish outlook on the pair and will treat any weakness as a buying opportunity.

USDCAD_Move_Lower_to_Yield_Long_Entry_body_Picture_5.png, USDCAD: Move Lower to Yield Long Entry

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me on Twitter at @IlyaSpivak

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