USDCAD: Triangle Setup Argues for Gains
Strategy: Pending Long
USDCAD is carving out a Triangle chart formation, which typically points to trend continuation and in this case favors a bullish bias. However, a bearish Three Inside Down candlestick pattern below triangle resistance warns of losses and we will stand aside for now until a concrete buy signal emerges.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.