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USD/CAD Classical Technical Report 10.04

USD/CAD Classical Technical Report 10.04

2011-10-04 06:23:00
Joel Kruger, Technical Strategist
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USDCAD_Classical_body_cad2.png, USD/CAD Classical Technical Report 10.04

USD/CAD: This market is in the process of carving out a major longer-term base with the price accelerating over the past several days to reach and exceed our initial objective by 1.0500. Daily studies are however overbought and from here we could see a period of consolidation ahead of the next upside extension towards 1.1000 further up. In the interim, any setbacks should be well supported ahead of parity, while only a break back below will delay outlook and give reason for pause. Look for fresh buy opportunities on a pullback towards 1.0250.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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