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USD/CAD Classical Technical Report 04.05

USD/CAD Classical Technical Report 04.05

Joel Kruger, Technical Strategist
daily_classical_usdcad_body_usd.png, USD/CAD Classical Technical Report 04.05

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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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