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USD/CAD Classical Technical Report 05.09

USD/CAD Classical Technical Report 05.09

2011-05-09 05:49:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical Technical Report 05.09

USD/CAD: The market has finally managed to mount a nice recovery since basing out by fresh multi-month lows in the 0.9400’s and could be in the process of attempting to establish a more meaningful recovery. From here, look for a daily close back above 0.9700 to confirm outlook and accelerate gains towards 0.9900, while any intraday setbacks are expected to be well supported above 0.9550 on a daily close basis. Back below 0.9950 concerns.

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

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