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USD/CAD Classical 02.01

USD/CAD Classical 02.01

2011-02-01 06:43:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical 02.01

USD/CAD:The market has been under some intense pressure and after managing to match the 2010 lows from April on the final day of the year, has now extended declines to fresh multi-month lows into the 0.9800’s. But daily studies are starting to look a little stretched, and this in conjunction with longer-term cyclical studies which warn of a major base, leave us looking for opportunities to buy rather then selling into the downtrend. A bullish outside week a few weeks back helps to encourage our outlook and we look for added confirmation on a daily close back above 1.0060. Only a close back below 0.9800 will give reason for concern.

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

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