Tuesday, August 25, 2009

USDCAD base in place, bias shifts up. Buy on pullbacks

USDCAD is moving relentlessly upward due to oil dropping significantly. Base has been formed at 1.0720 and today's very bullish price action points to further gains. Trend line resistance has been broken, price came back to test the trendline this time working as a support and bounced back. Macd gave bullish crossover signal and macd line will soon move over the zero line as well. Unless we close below 1.08 than USDCAD formed a bullish engulfing pattern on the daily which is a very powerful buy signal. Currently we are trading around 1.0850.
Sometimes charts just look amazing! This is one of those times.

Good trades.

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