usd-cad

USD/CAD: The market has come under some intense pressure of late to force a delay of our constructive outlook. However, we retain our strong bullish bias and highly recommend looking to take advantage of the current dip below 1.0400 to look to establish a meaningful long position. While we would not rule the potential for a full retracement back to 1.0200 at this point, any additional declines are seen limited with the greater risk for a strong bullish reversal.

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.

If you wish to discus this topic or any other feel free to visit our Forum page

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
• real time news
• free webinars