USDCAD: Long Entry Eyed Near 0.9750
USDCAD finally resolved the range that contained prices since late January with a break through support at 0.9891. The bears now aim to challenge 0.9741, the next horizontal barrier reinforced by the bottom of a falling channel. Early signs of positive RSI divergence hint the latest leg down will present a buying opportunity and we will position a long entry setup as a clear signal emerges in the days ahead.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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