USDCAD: Bottoming Chart Setup Taking Shape
Strategy: Pending Long
Positioning is broadly unchanged from what we discussed last week: “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.”
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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