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USD/CAD Classical 02.11

USD/CAD Classical 02.11

2011-02-11 06:47:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical 02.11

USD/CAD: 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 ultimately give reason for concern.

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

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