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USD/CAD Classical Technical Report 07.12

USD/CAD Classical Technical Report 07.12

2011-07-12 05:13:00
Joel Kruger, Technical Strategist
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dailyclassics_usd-cad_body_cad2.png, USD/CAD Classical Technical Report 07.12

USD/CAD: Despite the latest sharp pullback off of the 200-Day SMA in the 0.9900 area, we continue to retain a constructive outlook for this market and contend that a meaningful base has been carved out by the May lows in the 0.9400’s. As such, any additional declines from current levels should be limited, with the market expected to find some formidable support at current levels. Ultimately only a close back below 0.9500 would threaten outlook. A daily close back above 0.9700 on the other hand will confirm outlook and likely accelerate gains.

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