USDCAD: Correction to Yield Long Entry
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.
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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