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USDCAD: Correction to Yield Long Entry

USDCAD: Correction to Yield Long Entry

2012-05-25 09:34:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Pending Long

The USDCAD rally appears to be decelerating ahead of resistance at 1.0318, the January 9 swing high, with a Spinning Top candlestick and negative RSI divergence hinting a pullback may be ahead. We will look for a move lower as a buying opportunity in the coming days. Initial support lines up at 1.0179, the 23.6% Fibonacci retracement.

USDCAD_Correction_to_Yield_Long_Entry_body_Picture_5.png, USDCAD: Correction to Yield Long Entry

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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