Chart Watch – USDCAD 27 August 2013 |
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USD/CAD once again flirts with the 78.6% Fibonacci retracement of the July decline at 1.0531 and is about to reach the 1.0608/75 resistance area (July 2013 high, July and August 2010 highs and the 2011 peak). This is likely to cap in the short term but should eventually be overcome.
Another potential longer term upside target can be seen around the 2010 peak at 1.0850, made in May of that year.
Slips should either find support around the 61.8% Fibonacci retracement at 1.0470 or between the 1.0444 early August high and the 1.0420 May peak.
Only unexpected failure at the 1.0247 July low would void our bullish forecast and lead to the 2012-13 support line at 1.0157 being eyed instead. This we do not expect to happen.
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