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USD/CAD Classical Technical Report 03.07

USD/CAD Classical Technical Report 03.07

2012-03-07 07:03:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_cad2.png, USD/CAD Classical Technical Report 03.07

USD/CAD: Our constructive outlook remains intact despite the latest interday pullback with the market largely locked in a medium-term consolidation ahead of what we believe will be an eventual retest of the key October highs by 1.0660. We have however revised our outlook somewhat and from here, expect any additional declines to be well supported on a weekly close basis above 0.9750. A daily close back above 1.0050 will help to reaffirm.

--- Written by Joel Kruger, Technical Currency Strategist

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

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