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USDCAD: Aiming to Buy on Trend Line Break

USDCAD: Aiming to Buy on Trend Line Break

2012-02-24 09:20:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

USDCAD positioning is essentially unchanged from last week, with prices still consolidating in a narrow range between 0.9198 and 1.0053. Early signs of positive RSI divergence hint a move higher may be brewing however. We will look for a daily close above the range top, a move that would also constitute a break of falling trend line resistance set from November, to trigger a long position.

USDCAD_Aiming_to_Buy_on_Trend_Line_Break_body_Picture_5.png, USDCAD: Aiming to Buy on Trend Line Break

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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