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USD/CAD Classical 03.07

USD/CAD Classical 03.07

2011-03-07 07:01:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical 03.07

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 latest dip below the 0.9800 figure is viewed as an excellent opportunity to establish a very playable counter-trend long position. Ultimately, only a daily close back below 0.9700 would delay outlook and give reason for concern. A break and close back above 0.9800 reaffirms bias.

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

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