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USD/CAD Classical 02.24

USD/CAD Classical 02.24

2011-02-24 06:58:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical 02.24

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. The 0.9800 figure seems to be offering itself as a formidable support zone for now, and any dips back towards or slightly below the figure over the coming sessions are viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9750 would delay outlook and give reason for concern.

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

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