USD/CAD Classical Technical Report 05.11
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 base. 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. The market is showing the potential for a formation of an inverse h&s pattern, but needs to hold above 0.9450 to have a chance of playing out.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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