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USD/CAD Classical Technical Report 08.01

USD/CAD Classical Technical Report 08.01

2011-08-01 05:03:00
Joel Kruger, Technical Strategist
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dailyclassics_usd-cad_body_cad2.png, USD/CAD Classical Technical Report 08.01

USD/CAD: Despite recent weakness to multi-month lows down towards 0.9400, we continue to retain a constructive outlook, with the risk for deeper setbacks from here seen as limited. The latest break and close back above 0.9500 could once again suggest that a base is in place and put the pressure back on the upside. Cyclically, this market looks to be quite stretched (on a longer-term basis) and we therefore see risks over the near term for a major reversal back in favor of the USD. Given where we are trading, looking for this trend reversal at current levels becomes all the more compelling. Next resistance by 0.9600 and above will reaffirm outlook.

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