USD/CAD Aims For 1.0805/54 Targets
Steve Miley | Dec 19, 2013 02:53AM ET
USDCAD aims to (through) 1.0805/54 targets
- The bullish outside Thursday bounce last week, from flagged support at 1.0555 set up a bullish extension risk into this week and latter Dec.
- We have recently stated that “this leaves upside pressures intact into latter Dec, given the robust, early Dec rally through a key 2011 spike high at 1.0657, for a multi-year base2.
- Our bias remains for a year-end rally towards the key retrace/ chart area at 1.0805/54 (38.2% retrace of the 2009-11 sell off/ failure peak from 2010).
WHAT CHANGES THIS?
- Below 1.0555 eases bull risks; through 1.0520 signals a neutral tone, only shifting negative below 1.0395.
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