USDCAD: Bullish Cues Continue to Build
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.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to email@example.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.