Currency analyst

USD/CAD: loonie is weakening

USD/CAD is consolidating on the daily chart. ADX has spent a long time below 25, MACD is showing mixed dynamics. The bulls started seizing the initiative (EMA9>EMA26, +DMI>-DMI). The best strategies for such sutuation are buying on breakthroughs or on corrections to the uptrend. 

On H1 USD/CAD has already breached the upper border of the trading range and ADX emerged from the area above 25. The following retracement of EMA21 and the price's return above the moving average should be used to open long positions. For confirmation wait until Stochastics returns to 20-80 area.

Recommendation: BUY 1,3065, SL 1,2985, TP 1,32. 

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