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USD/CAD Classical 03.16

USD/CAD Classical 03.16

2011-03-16 06:44:00
Joel Kruger, Technical Strategist
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USDCAD_Classcial_03.16_body_cad2.png, USD/CAD Classical 03.16

USD/CAD: A near bullish outside week after establishing fresh multi-month lows by 0.9665 got us excited with the prospect for a major reversal, and the latest break back above 0.9800 helps to confirm our constructive outlook and should accelerate gains. Next key topside resistance comes in by 0.9975, with a break above opening the door for a test of 1.0060 further up. From here, look for any intraday setbacks to be well supported ahead of 0.9700, with only a break back below 0.9665 to negate outlook and give reason fro concern.

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

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