USD/CAD Classical 04.01
USD/CAD: Any recoveries in this market have been short-lived, with the price dropping back below 0.9700 in recent trade to test multi-month lows in the 0.9600’s. However, despite the weakness, we see risks for additional declines from here as limited, with the greater risk for the formation of a medium-term higher low in favor of the next major upside extension beyond 0.9975 and back above parity. Ultimately, only a daily close below 0.9600 would delay.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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