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USD/CAD Classical 03.31

USD/CAD Classical 03.31

2010-03-31 05:58:00
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 towards parity should be used as formidable buy opportunities. At this point however, we can not rule out the potential for a short lived dip below the 1 handle to test 0.9900. But any dips should ultimately be well supported by 0.9900 which represents the 78.6% fib retracement off of the major 2007-2009 move. For now, bulls should be encouraged by the recovery of the past several days. The key short level to watch above comes in by 1.0300, with a break to accelerate gains. Back under 1.0100 however, would delay and expose 0.9900.


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

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