USD/CAD: The latest topside failure by 1.0750 delays our bullish outlook and leaves the market confined to a very well defined multi-day range loosely defined between 1.0400 and 1.0800. However, we still retain our USD constructive outlook and look for any setbacks to be very well supported above 1.0400 on a close basis, in favor of an eventual break back above 1.0750 to expose key medium-term resistance at 1.0870 further up.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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