USD/CAD Long Re-Established
We continue to see the risks for additional declines in this market as limited from here, with a higher platform above the critical 0.9055 lows from 2007 favored. Daily studies are looking quite stretched at current levels, while we are also compelled with the weekly chart which shows a near formation of a bullish outside week with the market just missing the official formation after closing a tad lower on the week. The formation can still be considered bullish however, with the market putting in a doji-like close. A break back above 0.9800 this week should confirm and accelerate. POSITION: LONG @0.9715 FOR AN OPEN OBJECTIVE; STOP 0.9565.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.