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USD/CAD Classical Technical Report 10.10

USD/CAD Classical Technical Report 10.10

2011-10-10 07:36:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_cad2.png, USD/CAD Classical Technical Report 10.10

USD/CAD: Rallies have stalled out for now by 1.0660 with the market in the process of a pullback to allow for daily studies to unwind from overbought. However, the recent break back above parity confirms our core constructive outlook, with the pair in the process of carving out a major longer-term base. As such, look for any additional declines over the coming sessions to be well supported above parity on a daily close basis, with only a break back below to delay outlook. Back above 1.0660 will accelerate gains and expose the 1.1000 area further up.

--- Written by Joel Kruger, Technical Currency Strategist

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

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