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USD/CAD Classical 03.22

USD/CAD Classical 03.22

2011-03-22 06:10:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical 03.22

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 and weekly close 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 above 0.9700 on a daily close basis, with only a break back below 0.9665 to ultimately negate outlook and give reason fro concern.

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

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