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USD/CAD: Prices Rebound, Aim for June Swing High

USD/CAD: Prices Rebound, Aim for June Swing High

2010-07-19 07:14:00
Ilya Spivak, Sr. Currency Strategist
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Strategy: Flat

USDCAD catapulted higher from support at 1.0263, a level marked by the 76.4% Fibonacci retracement of the 6/21-7/5 advance and reinforced by a rising trend line. From here, bulls look poised to challenge the 1.06 figure and June’s swing high at 1.0681. Positioning does not offer an attractive from a risk/reward perspective and we will remain on the sidelines for now.

071910 CAD


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