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USD/CAD Classical Technical Report 05.16

USD/CAD Classical Technical Report 05.16

2011-05-16 05:47:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical Technical Report 05.16

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 1.0000, while any intraday setbacks are expected to be well supported above 0.9550 on a daily close basis. The market is also showing the potential for a formation of an inverse h&s pattern, with a break back above the neckline at 0.9745 to confirm.

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

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