Strategy 08 January 2014 |
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Even though USD/CAD’s break out of its December consolidation range is bullish it faces stiff resistance around the 1.0850 mark, at least on the first test.
1.0850 is where the November 2009 and May 2010 highs were made.
Over the course of the next few weeks a multi-year high above the November 2009 and May 2010 high at 1.0850 is expected to be made, though, with the August 2009 peak at 1.1122 and the 50% retracement at 1.1238 then being targeted.
We will hold onto this bullish medium term outlook while USD/CAD trades above its late December low at 1.0500.
Support above this level can be seen along the one month support line at 1.0638, the 55 day moving average at 1.0563 and along the three month support line at 1.0550.
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