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USD/CAD Classical Technical Report 01.30

USD/CAD Classical Technical Report 01.30

2012-01-30 07:48:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_cad2.png, USD/CAD Classical Technical Report 01.30

USD/CAD: Our constructive outlook remains intact despite the latest interday pullback with the market largely still consolidating above parity ahead of what we believe will be 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, while ultimately, only below 0.9900 would give reason for concern. Monday’s bullish reversal and constructive price action reaffirms outlook.

--- Written by Joel Kruger, Technical Currency Strategist

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

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