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USDCAD: Collapses, Halts Upside Offensive |
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Technical Archives |
Written by FXTechstrategy |
Sep 04 10 06:11 GMT
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USDCAD: Collapses, Halts Upside Offensive
USDCAD: The pair ended the week lower after an attempt on the upside failed the past week and pushed USDCAD to a low of 1.0384 on Friday. With that said, we think a follow through lower should see the pair weakening further towards the 1.0246 level, its Aug 19’10 low with a violation of there turning focus to the 1.0106 level. Conversely, though the pair continues to retain its bottoming process scenario, a cut through the 1.0666 level, its Aug 25’10 high is required to open the door for a further move higher towards the 1.0851 level, its 2010 high and even higher. Overall, despite its current price hesitation, we continue to retain our base building scenario.
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About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
