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USDCAD: Prices Treading Water at Parity

USDCAD: Prices Treading Water at Parity

2012-02-03 04:53:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Positioning is little changed from what we identified last week: USDCAD broke through the bottom of a descending Triangle chart pattern at 1.0072, with prices now testing support in the 0.9907-0.9964 region. An actionable entry signal is absent at present and we will stand aside something more compelling presents itself.

USDCAD_Prices_Treading_Water_at_Parity_body_Picture_5.png, USDCAD: Prices Treading Water at Parity

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

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

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