USDCAD: Seeking Another Long Entry Point
Strategy: Pending Long
We entered long USDCAD at 1.0210 after prices put in a bullish Breakaway candlestick pattern above support at a rising trend line set from late October. The trade was stopped out after the pair closed below 1.0125, the Breakaway pattern’s wick low, thereby invalidating it. With that in mind, the overall bias remains bullish as prices continue to hold above larger trend line support established from early September and we will look for new buying opportunities in the days ahead.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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