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USD/CAD Classical Technical Report 09.29

USD/CAD Classical Technical Report 09.29

2011-09-29 12:09:00
Christopher Vecchio, CFA, Sr. Currency Strategist
Share:
USDCAD_Classical_Technical_Report_09.29_body_Picture_10.png, USD/CAD Classical Technical Report 09.29

USD/CAD: Earlier this week, Joel Kruger, Technical Strategist wrote “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...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.” Accordingly, despite a brief two-day relief rally and some selling pressure ahead of the North American session open, the USD/CAD looks further to the upside. Look for any inter-day setbacks to now be well supported above parity on a daily close basis. Back above 1.0385 accelerates potential gains on breakout opportunities.

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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