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USD/CAD Classical Technical Report 01.16

USD/CAD Classical Technical Report 01.16

2012-01-16 07:19:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_cad2.png, USD/CAD Classical Technical Report 01.16

USD/CAD: Our constructive outlook remains intact with the market consolidating above parity ahead of an eventual retest of the key October highs by 1.0660. From here, look for any interday pullbacks to be very well supported above 1.0000 on a daily close basis, in favor of an eventual break and fresh upside extension beyond 1.0660. Initial resistance comes in at 1.0320. Back above 1.0660 opens a fresh upside extension towards 1.1000. Ultimately, only below 0.9900 would give reason for concern.

--- Written by Joel Kruger, Technical Currency Strategist

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

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