USDCAD: Confirmation Sought to Enter Long
Strategy: Pending Long
USDCAD pushed higher after completing a Bullish Engulfing candlestick pattern, taking out resistance at a falling trend line set from last year’s swing high. The bulls remain capped by the support-turned-resistance at 1.0053 however, skewing risk/reward considerations against buying at current levels. We will remain on the sidelines for now, waiting for a daily close above this boundary to get long.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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