usd-cad

USD/CAD – The recent declines are classed as corrective with our underlying bias still grossly constructive. The market has now triggered a double bottom after basing out by 1.0415 in the previous week, with the break back above 1.0580 on Tuesday confirming and likely to accelerate gains towards the mid-1.0700’s over the coming sessions, above which exposes more medium-term resistance at 1.0870. Only back under 1.0415 negates.

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