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USDCAD: Confirmation Sought to Enter Long

USDCAD: Confirmation Sought to Enter Long

Ilya Spivak, Head Strategist, APAC

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.

USDCAD_Confirmation_Sought_to_Enter_Long_body_Picture_5.png, USDCAD: Confirmation Sought to Enter Long

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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