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USD/CAD Classical Technical Report 05.07

USD/CAD Classical Technical Report 05.07

2012-05-07 08:13:00
Joel Kruger, Technical Strategist
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Daily_Classical_USDCAD_body_usd.png, USD/CAD Classical Technical Report 05.07

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. Look for any declines to continue to be well supported on a weekly close basis above 0.9800, while a daily close back above 1.0050 will help to reaffirm. Ultimately, only a weekly close below 0.9800 would delay.

--- Written by Joel Kruger, Technical Currency Strategist

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

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