USD/CAD:Price action remains quite choppy, although our overall outlook is highly constructive and favors additional upside towards 1.1000 over the coming weeks. For now, the latest rallies have stalled out in familiar territory by recent range highs in the 1.0600’s and we would look to take advantage of any additional declines back towards the 1.0350-1.0400 area to build on long positions. Back below 1.0245 would delay outlook, while a close above 1.0700 should accelerate gains.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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