The Brief Daily Forecaster 2nd July 2009
Posted on 01 July 2009 by FX-forecaster
DAILY FORECAST FOR USDCAD
Bias: Mixed – waiting for breaks though ultimately I am looking for a low to develop and for stronger gains
Losses developed from a slightly lower level than expected but did reach the 1.1435-45 target. I don’t really see any reversal signals currently and thus I am probably more in favor of another marginal new low today around the 1.1358-84 area. Thus look for a buying opportunity in the 1.1358-84 area. Only an earlier break above 1.1512 would risk a more direct bullish move up through 1.1546 and 1.1600 and back to the 1.1637-54 highs. I suspect this area should cap on first test. Note next resistances at 1.1693-14 and 1.1754. If the rally begins from 1.1358-84 then look for 1.1823-32
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day’s set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.
Kind regards
Ian
