usd-cad

USD/CAD – The recent declines are classed as corrective with our underlying bias still grossly constructive. While Monday’s close below 1.0600 has been somewhat concerning, we do not anticipate that setbacks will extend much further, ahead of the next upside extension back through 1.0865 and towards critical medium-term resistance by 1.0990. For now, the key level to watch comes in by 1.0505, with a break above and positive close on Thursday to set up a bullish outside day that will likely suggest that the market is poised for a bullish resumption.
 

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