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USD/CAD Classical 03.10

USD/CAD Classical 03.10

2010-03-10 06:47:00
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 although this level has been slightly exceeded, 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 1.0320 and a break above will help to confirm bias.

 

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