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
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