Members login
USD/CAD Classical 05/10/2010
Written by article default Tuesday, 05 October 2010 09:30
USD/CAD: Last Friday’s close below 1.0245 is certainly concerning and delays our bullish outlook. However, a closer look at the daily chart shows the market locked in a clearly defined multi-week range, with the base very well supported by 1.0100. As such, our strategy is to continue to play the range and look to buy into a dip towards 1.0100 in anticipation of a sharp upside reversal and rally back towards the range highs by 1.0700 over the coming days. Ultimately, only a close below 1.0100 would give reason for concern and potentially negate outlook.
Click here to learn more about DailyFX.