USD/CAD Bull Threat To Key 1.0805/54 Targets
Jay Hawk | Dec 04, 2013 09:22AM ET
A still more robust advance to start the month, and a far more bullish statement, with the Tuesday's push through a key 2011 spike high at 1.0657.
The break here has completed a multi-year base and already nudged at some further important target peaks from 2010 at 106.72/76.
The 8-day RSI is positive, OB, but has been more stretched this year, leaving scope to go still higher this week.
Bull challenges: This now sees year-end upside risk to the key retrace/ chart area at 1.0805/54.
1.0805 is the 38.2% retrace of the entire 2009-11 sell off, whilst 108.54 is a key failure peak from 2010.
Downside risks: Below 1.0520 eases bull risks to neutral, shifting negative below 1.0395.
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