USD Trading Outlook (02-12-2015)

Medium Term Strategy: Forex Pair of the day

USD/CAD – the upside prevails

The pair has rebounded above the strong horizontal support and overlap at 1.28. Moreover, the daily RSI has broken above a declining trend line. Further advance is therefore likely with a first target set at 1.3450 (horizontal resistance and September top). A break above this threshold would open the way to further bounce towards 1.40 (May 2004 top). A third target is set at the previous overlap from january 2000 at 1.4320. Only a break below the strong horizontal support at 1.28 would turn the outlook to bearish with a first alternative target set at 1.2560 and a second one set at the horizontal support at 1.24.
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