Strategy: Flat
USDCAD broke through the bottom of a descending Triangle at 1.0072, with prices now approaching support in the 0.9907-0.9964 region. Risk/reward considerations argue against entering short at current levels and we will stand aside for now until a more compelling setup presents itself.

Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. 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 ispivak@dailyfx.com