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USD Trading Outlook (16-11-2015)

Medium Term Strategy: Forex Pair of the day

USD/CAD – further advance
The pair has rebounded above the strong horizontal support and overlap at 1.28. Moreover, the daily RSI has rebounded above its oversold area. Further advance is therefore likely with a first target set at 1.3450 (horizontal resistance and September top). A break above this threshold would open the way to further bounce towards 1.40 (May 2004 top). A third target is set at the previous overlap from january 2000 at 1.4320. Only a break below the strong horizontal support at 1.28 would turn the outlook to bearish with a first alternative target set at 1.2560 and a second one set at the horizontal support at 1.24.
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