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USD/CAD Classical Technical Report 06.12

USD/CAD Classical Technical Report 06.12

Joel Kruger, Technical Strategist
Daily_Classical_USDCAD_body_usd.png, USD/CAD Classical Technical Report 06.12

USD/CAD: Our core bullish outlook for this market has been more than reaffirmed over the past couple of weeks, with the market accelerating back above parity and towards 1.0500 thus far. While we continue to project significant upside over the medium-term, risks over the short-term appear to be tilted to the downside so that the market can correct from overbought readings on the daily chart. However, any setbacks should now be very well supported ahead of parity and in the 1.0100 area.

--- Written by Joel Kruger, Technical Currency Strategist

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

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

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