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USD/CAD Classical 07.20

USD/CAD Classical 07.20

2010-07-20 04:50:00
Joel Kruger, Technical Strategist
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USD/CAD: The 100-Day SMA has proven to be a formidable support for the pair, with the market failing on multiple attempts over the past several days to close below the longer-term SMA before finally surging back above 1.0500 thus far. Look for a medium-term higher low to now be in place by 1.0275, ahead of the next major upside extension beyond 1.0850 over the coming days. Key levels to watch above and below come in by 1.0680 and 1.0400 respectively.  

 

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