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USDCAD: Wedge Setup Calls for Gains

USDCAD: Wedge Setup Calls for Gains

2012-03-09 05:03:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Long

USDCAD moved lower after putting in a Dark Cloud Cover candlestick pattern below resistance at 1.0053. Prices are now testing support at 0.9891. Overall positioning appears to be forming the outlines of a bullish Falling Wedge chart formation, with positive RSI divergence reinforcing the case for an upside scenario. We will look for confirmation on a daily close above 1.0053 to position for a long entry.

USDCAD_Wedge_Setup_Calls_for_Gains_body_Picture_5.png, USDCAD: Wedge Setup Calls for Gains

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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