20 February 2011 Last Updated on 21 February 2013 Mohammed Isah

Daily Technical Strategist Feb 21-2013 - Written by Mohammed Isah
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USDCAD: Sees Further Bullish Momentum.

USDCAD: With the pair on the verge of recapturing the 1.0200 level, we could see further price extension.  This could target the 1.0250 level where a violation will aim at the 1.0300 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0150 level where a break if seen will target the 1.0099 level followed by the 1.0000 level. Further down, support stands at the 0.9956/32 levels. All in all, USDCAD remains biased to the upside medium term on further upside offensive.

Daily Analysis
USDCAD: Maintains Above Trendline Support.
USDCAD:  The pair is holding above its trendline it rejected on Monday. This suggests that corrective recovery risk is building up possibly towards the 0.0990 level. A violation will call for a run at the 1.0083 level. Above here will trigger its medium term uptrend followed by the 1.0125 level. On the downside, support comes in at the 0.9885/73 levels where a reversal of roles as support is likely to occur and turn the pair higher. However, if this fails, further declines should build up towards the 0.9692/31 levels. A breach of here will call for more declines towards the 0.9500 level. All in all, USDCAD remains biased to the upside in the short term above its trendline support.


Note: This is an excerpt from The Professional Suite, our daily 7-currency research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package Including 3 FREE Bonuses Now



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