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USD Trading Outlook (07-10-2015)

Medium Term Strategy: Forex Pair of the day
USD/CAD – pulling back
The pair has posted a new high and is currently facing a pull back on the strong horizontal support at 1.28. Moreover, the daily RSI is approaching its oversold area. A rebound 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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