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USDCAD: Bottoming Chart Setup Taking Shape

USDCAD: Bottoming Chart Setup Taking Shape

2012-04-06 08:34:00
Ilya Spivak, Head Strategist, APAC

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.”

USDCAD_Bottoming_Chart_Setup_Taking_Shape_body_usdcad.png, USDCAD: Bottoming Chart Setup Taking Shape

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. 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 ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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