USD/CAD Classical 07.16
USD/CAD: The latest rally has stalled out ahead of 1.0700 for now, with the market pulling back to the 1.0300 area thus far. However, our overall outlook remains grossly constructive and we do not see additional setbacks extending much below 1.0300, which coincides with the 100-Day SMA. Instead, we would recommend looking to buy the current dip in anticipation of the next major upside extension beyond 1.0855 over the coming weeks. Ultimately, only a close below 1.0200 gives reason for concern. Thursday’s price action is highly encouraging.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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