USD/CAD Classical Technical Report 07.20
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 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 0.9600 on the other hand will confirm outlook and likely accelerate gains.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.