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Stay long USD/CAD – Danske

FXStreet (Barcelona) - The Danske Bank Research Team note that the USD/CAD pair will continue to project further strength in the long term and a break above 1.1403 will see the pair moving towards 1.1688 levels.

Key Quotes

“USD/CAD has been easing lower within a corrective channel off the current year to date high at 1.1466.”

“Momentum supports/confirms the markets positive structure, and a break above 1.1403, the 11 November minor lower ceiling, would trigger the start of the next up-leg, through 1.1466, towards 1.1688, the 61.8% retracement level of the major March 2009 to July 2011 decline (not shown).”

“Through this point then opens 1.1717/25, where equality of the 1.0182-1.1279 rise from 1.0620, merges with the July 2009 peak. A breach of this region then focuses the major reversal’s projected target at 1.1865.”

“Immediate support rests at 1.1260, while only a loss of late October’s lower rejection at 1.1122 would cause concern.”

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