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USD/CAD Classical Technical Report 08.04

USD/CAD Classical Technical Report 08.04

2011-08-04 04:49:00
Joel Kruger, Technical Strategist
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dailyclassics_usd-cad_body_cad2.png, USD/CAD Classical Technical Report 08.04

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 0.9600 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. From here, next key resistance comes in by 0.9780, while any intraday setbacks should be well supported ahead of 0.9500.

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