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USD/CAD Classical Technical Report 10.31

USD/CAD Classical Technical Report 10.31

2011-10-31 06:49:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_cad2.png, USD/CAD Classical Technical Report 10.31

USD/CAD: The latest setbacks have been rather aggressive and are currently testing some previous major resistance turned support by 0.9900-1.0000. However, we still retain a constructive outlook and look for the formation of a fresh higher low ahead of the next major upside extension back towards and eventually above 1.0660. Ultimately, only a daily close back below 0.9900 gives reason for concern, while above 1.0260 should confirm bias and accelerate.

--- Written by Joel Kruger, Technical Currency Strategist

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

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