usd-cad

USD/CAD – The recent price action is classed as consolidative with our underlying bias still grossly constructive. Look for any setbacks to be very well supported by 1.0600 on a close basis, with an eventual push seen back above initial key resistance at 1.0865-95 which represents the 02Novhigh/100-Day SMA respectively. Only a close back below 1.0600 would delay outlook.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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