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USDCAD: Long Entry Eyed Near 0.9750

USDCAD: Long Entry Eyed Near 0.9750

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

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.

USDCAD_Long_Entry_Eyed_Near_0.9750_body_Picture_5.png, USDCAD: Long Entry Eyed Near 0.9750

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya 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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