USDCAD: Long position in play

Yesterday, we have suggested potential upside actions, as bulls succeeded in clearing the resistance line of the bearish regression channel seen on the provided daily chart.

USDCAD-26-05-2015-FXCOMMEN-updateT

We recommended buying the USDCAD pair above 1.2385 and we hold onto our bullish scenario, reinforced by the positive sign on True Strength Index and the bullishness appears clearly on Vortex indicators.

Booking profit areas are the areas of 1.2490-1.2500 where the USDCAD may meets 61.8% Fibonacci retracement of the entire downside wave from 1.2833 to the short-term trough of 1.1937.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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