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.
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
