USD/CAD Long Trade Triggered Above 1.03
USD/CAD Technical Strategy: Long USDCAD at 1.0323, Targeting Above 1.0367
Prices advanced as expected after putting in a bullish Morning Star candlestick pattern above support at a rising trend line set from mid-September 2012. The pair has now pulled back after clearing a major falling trend line connecting tops dating back to October 2011, offering acceptable risk/reward parameters to enter long. We will initially aim for a break above the 50% Fibonacci retracement at 1.0367. A stop-loss will be activated on a close below 1.0283, the 38.2% level.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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