USDCAD: Move Lower to Yield Long Entry
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.
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow me on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.