usd-cad

USD/CAD – Continues to extend gains since basing out by 1.0205 back on October 15, with the market most recently breaking back into the 1.0800’s. While the recovery rally has been impressive, there is still plenty of room to run with sights now set on next key resistance by 1.0995 (28Sep high). Our core view of the pair is strongly bullish and a medium-term higher low is now sought out by 1.0205 ahead of the next major upside extension. Look for any setbacks to be well supported on a close basis above 1.0600, with a break back above 1.0865 now required to accelerate and open fresh upside extension.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail jskruger@fxcm.com and you will be added to the "distribution" list.

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.

• free demo account
• forex courses
• open an account
• forex stream
• free webinars