USDCAD: Correction to give entry long

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Ilya Spivak, currency 25 may 2012 strategist 09: 34 GMT strategy: long wait

Rally USDCAD seems to be slowing the advance of the 1.0318 resistance, January 9 swing high, a Spinning Top candlestick and negative divergence RSI evoking a withdrawal may be coming. We will seek a low blow as an opportunity to purchase in the next few days. Initial support lines 1.0179, 23.6% Fibonacci tracing.

Written by Ilya Spivak, strategist of Dailyfx.com currency

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25 May 2012 09: 34 GMT

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