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USDCAD: Seeking Another Long Entry Point

USDCAD: Seeking Another Long Entry Point

2012-01-04 07:47:00
Ilya Spivak, Head Strategist, APAC
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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.

USDCAD_Seeking_Another_Long_Entry_Point_body_Picture_5.png, USDCAD: Seeking Another Long Entry Point

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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