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USD/CAD Long Trade Triggered Above 1.03

USD/CAD Long Trade Triggered Above 1.03

Ilya Spivak, Head Strategist, APAC

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.

Forex_Strategy_USDCAD_Long_Trade_Triggered_Above_1.03_body_Picture_5.png, USD/CAD Long Trade Triggered Above 1.03

Daily Chart - Created Using FXCM Marketscope 2.0

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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