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USD/CAD Classical Technical Report 05.24

USD/CAD Classical Technical Report 05.24

2011-05-24 05:48:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical Technical Report 05.24

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. The latest break and close back above 0.9700 triggers an inverse H&S pattern that now projects additional gains towards parity over the coming days. Look for setbacks to now be well supported above 0.9600 on a daily close basis.

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

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