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USDCAD: Bottoming Setup in the Works

USDCAD: Bottoming Setup in the Works

2012-03-30 12:03:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Pending Long

USDCAD appears to be carving out a crude bullish Head and Shoulders bottom chart formation. Confirmation is needed on a break of would-be neckline resistance at in the 1.0028-51 area to make for an actionable long entry setup and we will remain on the sidelines for now.

USDCAD_Bottoming_Setup_in_the_Works_body_Picture_5.png, USDCAD: Bottoming Setup in the Works

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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