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USD/CAD Classical Technical Report 02.24

USD/CAD Classical Technical Report 02.24

2012-02-24 09:26:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_cad2.png, USD/CAD Classical Technical Report 02.24

USD/CAD: Our constructive outlook remains intact despite the latest interday pullback with the market largely still consolidating around parity ahead of what we believe will be an eventual retest of the key October highs by 1.0660. From here, look for the latest pullbacks to be very well supported above 0.9900 on a weekly close basis, while ultimately, only a weekly close below 0.9900 would give reason for concern. Meanwhile, a daily close back above 1.0035 confirms and should accelerate gains.

--- Written by Joel Kruger, Technical Currency Strategist

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

To be added to Joel Kruger’s distribution list, send an email with subject line “Distribution List” to jskruger@dailyfx.com

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