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
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