USD/CAD Classical Technical Report 05.30
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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