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USD/CAD Classical 03.18

USD/CAD Classical 03.18

2010-03-18 05:57:00
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. As per our commentary in the previous week, we did not rule out the possibility for a break below 1.0200, but setbacks below this level are not expected to be sustained and we see the market rallying to close well back above 1.0200 by the end of the week. Inability to close back above 1.0200, will delay outlook and expose a retest further down by 0.9900, which represents the 78.6% fib retracement off of the major 2007-2009 low-highs.

 

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