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USD/CAD Classical 02.04

USD/CAD Classical 02.04

2011-02-04 06:01:00
Joel Kruger, Technical Strategist
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USDCAD_CLASSICAL_body_cad2.png, USD/CAD Classical 02.04

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 by 0.9835. 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. The most recent setbacks have been well supported ahead of 0.9835 and by a shorter-term 78.6% fib retrace and we look for a close back above 0.9920 on Friday to help catalyze some fresh bullish momentum. Only a close back below 0.9800 will ultimately give reason for concern.

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

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