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USD/CAD Classical Technical Report 05.01

By Joel Kruger, Technical Strategist
01 May 2012 06:39 GMT
Daily_Classical_USDCAD_body_usd.png, USD/CAD Classical Technical Report 05.01

USD/CAD: Our constructive outlook remains intact despite the latest interday pullback with the market largely locked in a medium-term consolidation ahead of what we believe will be an eventual retest of the key October highs by 1.0660. Look for any declines to continue to be well supported on a weekly close basis above 0.9800, while a daily close back above 1.0050 will help to reaffirm. Ultimately, only a weekly close below 0.9800 would delay.

--- Written by Joel Kruger, Technical Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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01 May 2012 06:39 GMT