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USD/CAD Classical Technical Report 09.28

USD/CAD Classical Technical Report 09.28

2011-09-28 06:13:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical Technical Report 09.28

USD/CAD: The market has put in an impressive recovery since posting fresh yearly lows by 0.9400 several weeks back and while the bounce has been significant on a short-term basis, scope still exists for additional gains ahead with medium and longer-term studies still very much on the oversold side. The 200-Day SMA comes in by the 0.9800 figure and the recent break and close back above this longer-term moving average opens the door for a more sizable shift in the overall construct of the market and a sustained move back towards the 1.0500-1.1000 area further up. A closer look at the weekly chart shows the trigger of a major double bottom, and the recent close back above parity helps to reaffirm constructive outlook. Look for any interday setbacks to now be well supported above parity on a daily close basis. Back above 1.0385 accelerates.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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