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USDCAD: Bullish Cues Continue to Build

USDCAD: Bullish Cues Continue to Build

2012-03-16 04:47:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Long

USDCAD put in a Bullish Engulfing candlestick pattern above support at 0.9886 marked by the 61.8% Fibonacci retracement, hinting a move higher is ahead. Overall, prices appear to be forming a bullish Rising Wedge chart formation, with positive RSI divergence serving to reinforce the case for an upside scenario. We will look for confirmation on a daily close above 1.0033, the 0.50% Fib, to look for buying opportunities.

USDCAD_Bullish_Cues_Continue_to_Build_body_Picture_5.png, USDCAD: Bullish Cues Continue to Build

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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