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USD/CAD Classical 03.09

USD/CAD Classical 03.09

2010-03-09 07:50:00
Joel Kruger, Technical Strategist
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cad2

USD/CAD: Our overall outlook for the pair remains highly constructive and as such, any dips should be used as formidable buy opportunities. The 78.6% fib retracement off of the 2010 low-highs comes in by the 1.0300 area and we would not expect to see the market establish below this key support for any extended period of time. Ultimately, only a close back under 1.0200 would give reason for concern. Initial resistance comes in by 1.0330 and a break above will help to confirm bias.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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